placement, page-42

aussie

yes spot on, different fields will have varying operating net backs due to different costs incurred.

"Moving from PUD reserves to PDP reserves is what it's about, Does no good to have decades of drilling -"

Exactly, and this is the reason for MAD trading at a discount to reserves compared to the industry and one point i have stated from the start.

But with this new cap raise it is a massive possibility that they will expand there drilling fleet thus - rapidly increasing production which in turn makes those reserves look extractable in the foreseeable future and the market starts to value MAD at a fair price to reserves because it looks viable they will produce the proved un-developed reserves in a reasonable amount of time.

I prefere decline curve analysis when a b factor or decline exponent has been established.

Cheers.