Ghp, they are largely using the US as an indicator of well...

Ghp, they are largely using the US as an indicator of well progression. The rule of thumb in the US is that it takes about six wells to get design/performance optimisation so one might expect more improvement in the next stage.

Interesting to note for all Hartleys conservative valuation approach they say RLE's gas would be valued at $294M based on historic comparable market multiples for 2C/3C gas of peers. This compares to their conservative valuation of $44M. ie $1.06 verses 16c.

This is not unlike the recent valuation treatment by both Stock Analysis and Breakaway Research. Both valued at a lesser level to market values they also quoted.

When this project is announced as commercial and new reserves and upgraded resources are announced I fully expect it will not take long for the market to put at least some value on the full resource based on the similiar geology across the permit.