I really don't see anything in this report that we didn't...

I really don't see anything in this report that we didn't already know. The production number is better than what I worked on the back of a beer coaster. I though somewhere around 1600bpd would be a reasonable number.
As for the hedging, I really have no idea, but it sounds reasonable on todays prices...…... and I guess you just got to trust their judgement.
The new wells coming on line are critical. In the past we have had the initial numbers earlier than this. If I remember correctly they fracted the Vaga wells mid December. It hope it is just a matter of this new fracking process taking longer to clean up.
The other issue is the decision on continuing the drilling program after the next 4 wells. Originally I got the impression that once the first 6 month program was complete they would continue to drill. At one stage they were suggesting a 2 rig program. They have been far from clear over the last few months.
The other point to note is that the WF reserved based lending can be used a proportion of the funds required for acquiring a producing asset. In there lies my biggest concern