Breakaway Research - Real Energy, page-14

Having gone through the report I believe it has accentuated the positive, its base assumption on flow rates is 2.5mmcft/d. Although they justify this on the basis that further refinement in stimulation technique will yield higher flows, it is an optimistic assumption.
Current initial flows from T1 and 2 are considerably lower and T3 conveniently did not disclose flowing pressure. In my mind suspicious since they did disclose T2 flowing pressure.
The model is based on an unproven flow at this stage, and the economics flow from that assumption. It would have been more convincing if they had modelled on actual flows discounted for expected decline rate.
In the model they were willing to incorporate the positive increase in gas hub prices, yet chose to ignore current flow rates. That is not what should happen in a balanced report