Ann: Dec Qtr Activ and App 5B, page-3

Perhaps you should read the whole report. Contrary to your assumption, they are doing anything but relying on a farm-in only option. The Extended Well Test (EWT) option as stated below provides potential revenue to finance the drill at Idris without the need for a farm-in partner at all. 

Extended Well Test Study (Idris prospect, Gwydion oil field)

One of the important challenges associated with Idris and the Gwydion oil field is determining how ultimatelylarge the size of the oil accumulation may be. Evidence based on the discovery well at Gwydion, and IPB’sinterpretation of the recently completed 3D seismic reprocessing and depth conversion project at this locationis that the accumulation if continuing beyond Idris (approximately 1 km away) is likely to be very significant.

The objective of an extended well test (EWT) would be to resolve this uncertainty and provide valuableinformation on the ultimate size economic oil reservoir may be.Progress to-date has identified the likely scenario for EWT project to be as followsrill a vertical well at Idris and log. If this well is successful :

a. Complete a horizointal well at this location and production test for 120 to 180 days;otherwise,

b. Without moving the rig, complete a horizontal well at the original Gwydion location andproduction test for 120 to 180 days.

Under both scenarios the oil produced – estimated to be approximately 1.8 MMBBLS in total would betransferred to a tanker at location and sold for profit.Initial costings developed in discussions with key suppliers and contractors including drilling rig operators,well testing service providers and tanker operators indicate that the project could be very profitable at US$60/ bbl for Tapis or Cossack grade crude.

The project will require regulatory approvals including Titles (NOPTA), Environmental (including NOPSEMA),and financing. Likely timing is anticipated to be no earlier than Second Quarter 2020 for actual drilling andproduction, as the Company anticipates that 12-14 months will be needed to reliably achieve critical pathmilestones such as environmental approvals.

IPB is working with vendors and financiers to develop a financing strategy to fund the project.without whichthe project cannot proceed. However with a substantial profit on offer, the Company is hopeful of being ableto conclude a financing strategy to take the project from a study phase through to commitment andcommencement.The EWT project if commissioned, does not necessarily exlude the possibility of a farmout in future, in fact itcould result in the Company holding more resources and less dilution in its asset should the Companysubsequently accept a future farm-in offer.