We view our modelling assumptions as extremely conservative, given that they were based on the company’s initial acreage position (c100,000 acres) and estimation of the HRZ shale prior to the drilling of the Icewine#1 well. With results from the well indicating that much of the enlarged acreage lies within the volatile liquids window, and with the majority of reservoir properties coming in at the high end of expectations, we believe there is significant scope for these economics to improve through both scale and improved well performance.
In other words this is going to explode and Warnie is going to have to hock his heiny.
Broker Analysis, page-3
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