Ann: OEL: Winx-1 Drilling Update, page-204

Cash,

Winx is done. The expensive winter drilling has been expensed.

There is no more exploration costed in the short term.

Icewine side track is possible, but not with our current cash balance as that would expose us at this time. I really don't see us doing any further unconventional drilling, sans PB, I think that will be handled by others, if at all. It's beyond our capabilities and I'm happy to have others do it, if we can retain a portion, well done.

Summer is the best time for that to be looked at anyway. No Tundra time frames there, only the seasons, the permit probably just needs to be updated.

Yukon is at least next winter season away. Again though, expensive winter drilling. Plenty going on in this area so could be a smoky.

Charlie or Bravo, can't see us going alone, with ice roads, drilling, testing. That would be $15-20 mill, at a guess, beyond us. We have new seismic and some legacy well data but that had its own limitations, as we now know.

I really have no idea but can't see any need before next winter, so a late summer CR, best watch to see if Dave does a Investor Presentation in London that's a given for a CR within the following fortnight.

Obviously a lot hinges on a potential Farm-out, whatever structure that takes, I for one will breathe a little easier.

On a side note, was thinking today about Horseshoe and how the well data hasn't been released, any clay over they guys? Or if the structure on the pinch out is prone to this.

Anywho, bit late for this rambling.

Cheers