Ann: Alaska Projects Update, page-39

Capital raising opportunities eventually run out on any speculative venture. 88e has been well rewarded with CR results and the last one showed institutions drop off, which is typical.

The size of the prizes for the farmee and 88e from IW conventional is sufficiently large enough, with billions of barrels, that the farm out will be struck net of a cash contribution. Maybe a small input to Alaskan statutory charges on the next drill/s. IMO.

‘Preferred’ is quasi meaning for the farmee is big and capital rich enough that Dave doesn’t have to risk trashing the 88e brand name anymore.

Remember he still has two more farm outs to navigate and he knows he can’t allow another bridge to be burned in his industry. His reputation is also on the line this go round, IMO.

Mining and resource executives have big egos and are hard judges, particularly to any minor players that get on their patch. Dave has been stealing their carrots from the Alaskan garden.

lets hope the ink gets to spread and dry on an agreement.