Glad I averaged down on this one and lightened off a lot.
Besides being able to concentrate on its other tenements, the only other potential upside I can see would be if RG has negotiated an overriding royalty, or if conventional and unconventional gas are treated differently. But none of this is covered in the announcements.
Another thought is that, being aware of how slow MEL has been in getting approvals, RG is punting that 38 months may not provide enough time for EPW to get drilling underway and assess the results to then make an informed investment decision.
great news coming, page-71
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