Icewine FO the Big Fish, page-26

Not sure why there is this discussion around a potential farm-in with Otto, the fact they are in a trading halt I'd suggest is purely coincidental.

Otto are clearly focused on their GoM plays, they have a small punt with us as the Consortium Partners on 4 leases, that is it. They may as a partner to Pantheon but that's another issue.

Makes no sense to commit themselves to further expense on the North Slope as a partner to 88e. The two conventional wells permitted, ideally drilled at the same time to reduce costs, might be $30+ mill, this is not Otto's go.

What makes sense, is that the preferred bidder currently in negotiation with 88e, is an existing operator(s) on the North Slope with experienced people on the ground.

Remember Otto identified Winx through their Great Bear connection but brought in 88e as the operator as they couldn't do, so would seem highly unlikely they'd want to take up the major roll with another explorer, doesn't it?

Or am i completely off the mark here?

Cheers happy Thursday all.