All makes alot of sense. Pro's and con's, the Hedge probably protected the company as a whole during 2020, when prices were atrocious. I like your idea of approaching Macquarie if possible.
There's a point where oil price can go higher but ATS price won't be as reactive, as marginal increase of current production will mean little to holders. Additional wells, as you've previously mentioned, that provide more proof of concept, will be what gets a big re-rate. I'd hazzard a guess as to why ATS are taking their time, need to get it right this time and need the right partner, not just any partner.
