On the money there Jak, especially over the sequence, certified...

On the money there Jak, especially over the sequence, certified reserves, GSA, pipeline
Currently we don't know if certified reserves will be achieved, RLE did themselves no favours with the inconsistency created, by not reporting the flowing pressure of Tam 3.
Reserves are the building block on which gas sales agreements start, after reserves and GSAs are in place the pipeline can be built. It just makes no sense to commit without knowing what you have commercially available.
Reserves should get the RLEOAs well in the money, which would substantially solve the pipeline construction costs. I don't see the options getting a date extension though, so time is critical and very tight.
A discounted underwriting agreement for the options is possible but would lead holders with nothing and RLE with less cash for the same dilution.
Either way looking to brokers for cash has been a weak suit for RLE, so hope they don't go down that path.
After booking reserves alternative financing via farm in or sales agreements becomes possible.