crucial fact, page-17

Autosine - totally agree Sharks has been genuinely value adding. I just have a different view on the underlying type curve. I have posted my analysis ~3-4months ago so won't post it again.

While EUR is an important consideration in my view a far more important consideration is total return on capital. Once the capex is sunk it doesn't feature in the decision making but doesn't mean the development business is adding value for shareholders. When you work out the capital invested over the wells were the WI is not 66.7% (i.e gulf farm in) and remove the unsuccessful wells the capex per successful well is far higher than they have previously quoted.

To provide an analogue this is the main reason Cheasapeake are busy selling anything others will buy. Having spent billions of dollars drilling wells the marginal production is cash flow positive but it hasn't provided a return on capital hence they are unable to pay down their debt out of cash flow and need to sell assets. Clearly MAD wont be put in this position though their share price may fall as they are unable to provide the return on capital shareholders are expecting.