40 mil to be spent on drilling mcap 26 mil, page-9

True, and there is a 4th free carried well with PetroMax to be considered.


But I think this goes back many months when I was not a holder and the EFS FO with HK was announced. Arguably the bigger winner would be HK should it prove successful (an odd statement to make but AKK probably protecting itself from further downside risk. Its understandable). My point way back then was AKK was not getting credit for the capital it had invested.

Fast forward to now and I'm happy to be a new shareholder as that earlier capital wasn't mine. That's to Shelcomm's point a few days back when having to look forward only.

So looking only forward, I can measure against the FO (LT holders at a price disadvantage unless willing to add). So that means judge after all 3 D&C and put on production with IP30/60/90 day and Reserves upgrade. How long will I need to wait - have to be patient.

HK will get the well cost down (hopefully sub $8M for 8,000ft as we progress). Existing wells will establish the Reserves that lenders look for - up to BoD to organise suitable funding to keep up with HK (assuming all in order in their own house).

Risks remain - despite all the derisked commentary. Its called a type curve for a reason - and that's significant as it is an estimate based on observed metrics - never a guarantee of performance, just an indicator.


Having said all that - I'm in now.