I thought that the fraccing worked out at half or more of the...

I thought that the fraccing worked out at half or more of the cost and that hasn't been done yet.

The Hoskins 4 is to be a monster well. If they are planning 25 frac stages for Hoskins 3, they could be planning anything up to 33 frac stages for Hoskins 4. I've seen pricing of fraccing on a 'per stage' basis. However, flows should be relatively proportionate to the length and number of stages.

The board will have a powerful argument at the EGM to approve the merger arrangements. If SEA pick up the tab, no problems...

On the other hand, they may get spectacular flows from those wells.

The timing is a pain for holders but the 1st quarter is often more bullish for the markets and hopefully Barack will have avoided his 'fiscal cliff'. Worth holding in my view.