arrival of the bots, page-15

"Too many factors to start predicting."

Agreed. Can't do much better than scenario painting.

Have to take each step as it comes. But good results from Weston and Easley should further de-risk the project and that might (speculation) attract in more investors - particularly those content to exchange reduced risk for a more moderate multiple.

We've had years of dependence on the results for the next well in this project. My exposure was mostly through EME before the decision to farm out last year. I bought in during the summer and then doubled up in the week of the announcement of Hilcorp coming on board. My S/L exposure is now mostly through ADI. I had all but written off the project before the decision to farm out last year.

By the time that we start risking our own money again, we should have at least 2 fracced wells producing (taking a punt on the Weston result and saying nothing about Kowalik) and 1 new well (can't see them moving into overdrive unless Easley is good and the other 2 free-carry wells are in progress and looking good). Some of the price will then be based on actual and less on hope.

That's when the investors getting in at this level, or at lower before, will be able to rest a bit easier between news releases.