Is this too basic of an analysis. Four holes and some 4 rivers nets $800k. Each quarter costs $2-2.5m. So they need 8 more holes to break even.
Newkirk is cheaper to drill and costs are shared 50/50, similar stacked play potential. So they need to drill 16 holes at Newkirk to break even at a cost to them of approx $4m. Better start drilling the poo out of it.
Ann: June 2015 Quarterly Activity and Cashflow Report, page-4
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