Ann: Investor Presentation, page-11

Doc

I agree,

I believe we do have to raise more funds, via the Farm Out process. What we do not know at this stage is how much can be raised by this process. DW has suggested the Farm out route for fundraising is his preference to equity dilution.


I would expect up front Farm out payment to cover all ''back costs'' I would be surprised if that figure is lower. In addition I would expect a second payment based upon results. This payment may include a sell out for a significant part of the Conventional play as it is multi stacked.

Success would also see the options for Q4 to be converted for another 1m$US. This with the bank balance leave us sufficient to cover OPEX until mid 2019 by which time the Nanashunk results will be in and maybe some movement on Yukon.

I think we are way too soon to call which way forward for fund raising.

Why do you believe that Farm Out will not raise the funds and that placement will be needed?