Ann: Investor Presentation, page-12

Good Report! Nicely summarises our position and clearly presents the future possibilities and potential roadmap.  While it does re-present some previously announced information, there is also a nice upgrade in resource potential in terms of scale and categorisation.

Key take aways for me are:

1. We are cashed-up for the committed and confirmed Q1CY2019 Nanushuk drill in the Western Blocks farmed-in acreage chasing a gross mean estimate of 400 mmbbls.  
2. Dataroom is open for IW conventional farmout assessment, with a 3D seismic backed upgrade of resources identified within the western fairway of the Icewine acreage where we have an approx 77.5% WI (pre-farmout)...and with two candidate drill sites targeting stacked plays targeting 1170 mmbbls on a gross mean basis (825 mmbbls in stacked prospects with the Stellar Appriasal Well and 345 mmbbls with an Exploration well chasing the stacked Victor B/Upper Lima/Bravo prospects).
3. Same dataroom is also offering further HRZ appriasal potential in the form of horizontal flow testing at the FB site; in terms of core evaluations from depth extensions to the two western fairway drill sites being farmed out (above); and in possible later horizontal flow tests of those sites.
4. HRZ potential while still large (800 mmbbls - 2,000 mmbbls net to 88E over original 271,000 gross acres, could be extrapolated, pro-rata, to between 1,100 mmbbls - 2,800 mmbbls on the expanded sweetspot acreage) - is now being caught up to by the size of the conventional potential in just the western fairway of the IW acreage.
5. Yukon Gold is hinged on the current 3D seismic assessment confirming and validating whether there is any technical merit in progressing that acreage (with historical discoveries) for development.  If the answer is affirmative, it will almost certainly be led by a partner.

Clearly though (from earlier 4C) cash is tight beyond the WB Nanushuk well, and some form of fund raising will be prudent before year end - farmout and/or capital raise.  While there are those who instinctively cringe when hearing about CR, as a non-producing explorer funds can only come from capital raise, farmout or debt. For now, debt is out of the picture, so it is CR and/or farmout.  Both are technically dilutive (in terms of %'age of the pie), but the key issue is whether they lead to a bigger pie.  Looking at the numbers above, the juice is likely to be worth the squeeze, and at current SP, the squeeze is likely to be more palatable via farmout than by CR....though I would never discount a bit from both columns.

So we have a pathway forwards and we have some tantalising goals all potentially in H12019. It has been an emotionally exhausting journey so far, but I remain sanguine and equanimous.  Or at least I try.  Next step of significance is farmout news.  Sometime in the coming weeks or months.

All IMO & GLTA.