Mitis, I think you were perhaps overly optimistic for a June...

Mitis, I think you were perhaps overly optimistic for a June spud. To book and get a rig on site ready to drilling under a months would have been a pretty tall order. Q3 spud if a realistic time frame and given the multiply availability of rigs in the region a July spud is possible, or an August spud. Given it is still a couple of weeks until we actually see the colour of the money, this means a rig can't be booked until then (could pre order, but can't see any operator mobilising until they have a deposit in the bank).

IMO we are perfectly on track for this little gem:

* Funds
* Book rig
* Spud
* Flow test
* Build pipeline
* Receive cash for gas sales

With a huge probability of success.

My best guess is we will see some range trading 0.9-1.1 until the actual draw down, then some movement as rig is booked, etc.

Some may wait until the rig is booked to buy in, but IMO they will be too late to buy at this SP. I think once the rig is booked we will see the SP moving up.

Some may wait until spud to buy, but in my experience just prior to spud we see a lot of SP appreciation.