Ann: Operations Update - Permit to Drill Approved, page-32

Muad,

I'm no expert, I understand the "Probability of Success" and the "Geological chance of Success" are two different measurements.

The Probability of Success will be higher as it's based on the success ratio of a play or area in which a number of wells have been drilled.

The Nanushuk analogues have had a high success rate so the Probability of Success will be high.

The Geological Probability of Success will be based on the particular target;

1. A reservoir rock where the petroleum can accumulate.

2. A trap so that petroleum is retained in a reservoir.

3. A source rock containing organic material, which can convert to petroleum at sufficient
temperature and pressure.

4. A migration route that allows the petroleum to move from source to reservoir rock.

Happy to be wrong here but the wording of the statements is crucial.

Cheers