88 Energy Ltd (EEENF)

[Ailan]

Another point that needs to be made...quality of the oil found...IF the quality is a high API grade then this will increase the price of the oil "in the ground"...41-44 API was found at Willow, this is super high grade oil, condensate as it is known to oil folks...it takes very little refining to make high quality fuel, BUT when I worked for Mobil then ExxonMobil I learned something, they use the lighter grade oil to reduce the viscosity of the heavier oils 25-30 API so it can flow through the pipeline at greater volumes and efficiency therefore increase their daily profit...Merlin 1 is being drilled in the same geological formations as Willow and it is also very close to UMIAT, UMIAT was extremely high quality oil that could be used for fuel straight out of the ground...so if they hit good quantity and quality as well this would be the dream, they would probably sell it "in the ground" for $5-6 bbl instead of $3 bbl...this is just an educated guess at what could happen, I have drilled some of the best crude in the world, it looked like pure gasoline when I flowed it back, very volatile as well...and it was only 36-39 API...