IMHO the results don't actually need to be the best around, they just need to be solidly commercial. On this plane, long money could consider the valuation of $3,275 per acre as being substantially derisked on the currently expected Defender result. A commercial result on the second niobrara well would IMO lead to a big acreage revaluation.
SOA? As a speculator, I cant wait to see this drilled BUT we have to recognise it as a wildcat with maybe a 50% COS at best. Long money will, I expect, be more interested in proving up the Goshen Niobrara and Roosevelt in the first instance.
cheers
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operational advisory 23/1, page-39
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