Ann: Sugarloaf Operational Update , page-45

oesteon my calcs differ, AUT should rise by more then ADI and EKA on every ami announcment as a percentage of market capitilzation, as it has twice the interest in the AMI. But is not siggnificantly bigger , especially after ADI reducing some of the price disparity this week. But i totally agree wehn longhorn and ipanema are developed expect a sudden price disparity, more so if it while they are still very small market caps. If its toward the end of the timeline then less so.

The other huge thing in favour of AUT is their acerage. Which will allow for many more wells , around double, but that is relient on a JV to develop it.

Above kenpitt mentioned concerns of loss of interest post farmout. I would much rather have 10% of 200 wells in 5 years then 20% of 5 wells. So its relative. If farmout brings rediculous development, its a cost in my opinion worth paying. Its far better to have 10% of a hilcorp multiwell fast tracked development then 50% of a cow paddock.