birch npv, page-16

"future looks good for the real deal EFS."

Good way of putting it SL.

The spin doctors never really got their teeth into it, and results are clearing the way for production/cash flow-linked funding. This is further proof that HQ will incrementally link debt to growth, which is the only way we'll qualify for it. Also adds default value to acreage as (if) other available US shale plays diminish. Good find.