arrowsmith 3, page-118

A more S/H friendly approach would be:

1) CR
2) SP increase
3) CR>CR SP1
4) SP increase
5) CR> CR SP2
6) Production= Operating cashflow= increased SP

The market does not perceive that NWE has created value by de-risking its assets by getting close to production.

When NWE stated a production target of 2014 and then went silent on the issue it created a credibility issue. It can improve market perception by making the Q&As published to be comprehensive, positive and achievable.