Whisky can't agree with your points. would like to know how you arrive at these conclusions re CR and dilution, also low ball TO offers. You don't seem to factor in CN comments re the $1 min discussion she herself has eluded to and even made public plus the ever growing field size. Whilst I haven't done any calculations myself right now the TO values you speak seem to grossly underestimate the value of the resource.
By the way caught any good trout lately and you lining up the salmon on the Rakaia this year.
regards
12 months along the risk curve, page-23
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