Musings8 May 2026 17:52
Hello Lee
Hope your well.
I think while we wait for the end of the Alaskan summer, probably mid to late August. The likely farm-in process probably looks something like this, in my opinion.
The data room is, as management have confirmed, already open and discussions are ongoing. From there, any indicative interest from majors or mid-tier companies could come within weeks, but realistically I think it could still take a few more months, possibly longer.
After that, I’d expect a fairly lengthy technical due diligence phase. That alone could easily take 2–6 months while companies work through the geology, flow data, economics and infrastructure considerations.
If the interest remains strong, commercial negotiations would then follow — things like equity percentages, drilling carries and development commitments — and I think that could take another 1–3 months on top.
Personally, I’d expect any definitive agreement to be signed ahead of a major appraisal or drilling campaign, with regulatory approvals and final completion potentially taking several more weeks or months after that.
So even if things are progressing well behind the scenes, my view is that these processes usually move fairly slowly, especially for a project as large as this potentially is.
I’m not the most patient person admittedly, but trying to be realistic, I personally feel it may still be another 8-12 months before we see a signed contract.
GL