Ann: Operations Update, page-40

JH888, no difference for us, we are still running the show and the major partner in Winx.

Pantheon seem to have no problem raising funds, something that has hamstrung Great Bear.

GB were committed to test Alkaid by May (requirement of the deal done with DoG/DNR), this was something they may not have been able to do and the Pantheon offer was to good to refuse.

Great Bear get a sizable holding in Pantheon as a result of the deal but have none of the stress of funding.

Important part of the Alkaid test is that it is very close to the 88e leases and a good test there may have a nearology effect for us. Great Bear have done extensive 3D which may also prove a bonus.

A good result at Winx will no doubt see Pantheon back in the other 10% to increase their WI to 20%, this will see us claim back a handy amount of the drilling costs as well. This is something an underfunded GB may not have been able to do.

I also note on the Vox Markets link I posted, looks like we are targeting possibly 5 zones at Winx, which will make for an exciting drill.

So, in the short term I don't see any change, however over the next year there could be some real bonuses.

Things are really heating up on the North Slope with new and old players wanting in.

Cheers