Ann: OEL: Winx-1 Drilling Update, page-258

Watching the 2017 presentation back helps my nerves. PB's belief and enthusiasm is clear to see. I bought in on the potential of the HRZ and will remain until we can 'get our arms around it'. A successful horizontal at IW2 this Alaskan summer would be a huge step forward towards achieving that.

https://www.youtube.com/watch?v=0e7wdR3BLlc&feature=youtu.be

Dave Wall:
I think it said the same thing just earlier. That looks like we'd get after drilling a horizontal well from the pad as a follow-up to Icewine 1 and 2 from the same location and then we look at expanding or building a new gravel pad from which drill the four wells with the one gas injection well. Then, we look to delineate to the eastern west. Not all of those wells, theoretically, if we can line up the ducks, could happen starting from the first quarter of next year. We probably wouldn't be able to execute them all at the same time, so there'd be a priority on which one is going to have the most value. That could probably look like the horizontal well as a low-hanging fruit to follow-up on the vertical success, and also the delineation wells to try to get our arms around the HRZ and our confidence level in the mapping.

Paul Basinski:
To that point, the offset wells on either side are effectively what we did in the Eagle Ford when we drilled the Hookes well which is 55 miles away. The point is that if you do this and then you get the data and you find something that's very similar, then effectively, with your reserve classification, right now, it's 2C, we'll get an elevation across the board just because a major risk factor has been taken out if we show the continuity which is really the first step in order to be able to move a project forward. If you can get your contingent resource evaluated or classified as an elevated contingent or an undeveloped resource, then it becomes much more valuable.

Paul Basinski:
If you're producing four wells or X number of barrels even on the north slope, you're going to be able to get a pretty big realization on the flowing day barrel price which is going to hugely leverage the value of the project. Not only will it reduce the risk, but the upfront money you're going to get on those flowing day barrels is going to be pretty huge.