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Fishinnick,

The $93m NPV is for 100%. The NPV I have posted is simply a guide as to the potential value of the Snake River Project as a whole. At this point in time, IMO, AOK does not have the cash and expertise to carry out a horizontal on their own. Perhaps later on.

In relation to why Range doesn't just go it alone, IMO, it's all about building relationships. If I'm not mistaken, AOK has a reasonably good relationship with Range. This is partly evidenced by the fact that the 2 companies are sharing their drill results openly. With AOK's land holdings right next to Range, I am not surprised that they have agreed to drill Balder together with the intention of strengthening their relationship in order to participate in any future horizontals that will be drilled on AOK's land in the future.