sp by may, page-11

"3.5cps - on three wells flowing 450bopd"
That's in very close to what my (extremely crude) valuation model indicates to be a fair scenario and SP for the 3 wells (slightly more with D&L #3 factored in). Whether the scenario is actually achieved in the time-frame and whether the market sees it that way are still to be seen. Think the LT seems very positive for GGP heads but have pretty much abandoned any hope for oppies (unloaded all but a token holding of those now - another costly learning exercise). Also seems that keeping a bore hole in the stratum when drilling a horiz is not all childs' play either - so we may have a few lessons to learn there as well - hope HB get it right.
JR

Hold GGP GGPO BCC BCCO ADX VIL JPR &c