Ready to drill, page-274

Reality is we just overran on the valuation and actually overran pretty hard, $40million without a permit let along a drill in ground is a pretty outrageous valuation, I don't care how good the sampling is.

Either way even if permit came today or not we were always going to dip, people bought to sell that news, they will now leak out as the give up that trade, I do think there was a genuinely strong assumption that we would probably see the permit come today.

I think most of us have now also with Nov ending come to the realization that unless we see the permit this week we won't see drilling start this year.

To me these things don't matter, but to the traders we are attracting they actually consider a month to be a long time, I think we will settle between 1.3 to 1.6, drifting to the bottom of that range if the permit continues to see no progress.