$EEENF [Pivot to Merlin-1 Data] The data to this point have been excellent - 7/18 samples have confirmed hydrocarbons, and the geochemical analysis disclosed to this point have definitively shown these hydrocarbons to include light crude oil, which is the most lucrative and easiest to extract. There are three (3) major horizons in the Merlin-1 well (see figure). N14 is on shelf with COP Harpoon, which has already shown/confirmed light crude in their studies; N20 is on shelf with COP Willow, which has already confirmed proven commercial reserves, 0.40-0.80Bils bbls light crude. Then-there is N18, which is a new potential horizon altogether (previously unknown), similar in size to the N20 (Willow) shelf. The prospective calculations shown by 88E do not (it is my understanding) include this additional prospective horizon. Phase-2 studies will give an indication of extractability, and likely dictate 2021/22 priorities.
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