Won't they need to drill an exploration hole first? GIP and...

Won't they need to drill an exploration hole first?

GIP and 'nearology' is impressive, but you'd think a potential acquirer would want more hard data before paying >$20 million.

Also, are AQO in any position to drill a deep shale well themselves? If not, they will be a weakened bargaining position, at least for enticing interesting, either in a takeover or a farmin, in the short-term (i.e. this year).

These are genuine questions after someone cross posted on another thread.