Ann: Chairman & CEO AGM Address, page-37

$1.7m NPV mid case per well sounds great but it may be discount rate at 5%. They should just use the standard 10% for presentation. But in actuality Their discount rate would be very high with such high volitity in the sp. but they have given the IRR, so shouldnt be too hard to work out the discount rate that they r using. so u are right SL it is sloppy, but with such a low G&A cost, i wouldnt be surprise the CEO was doing the economic analysis.