Nicely summarised TEP - the only thing I would add is there is...

Nicely summarised TEP - the only thing I would add is there is 31m shares escrowed so there are 386m shares on issue.

But as I said, 6m ebitda on 7 rigs should equate to $13-14m on 12 rigs. I think a price catalyst over the next 12 months for that sort of re-rate will be vertical growth and then land contracts with those ancillary services included. There is a fair bit of earnings potential just there.

Being seen as a critical water management for company instead of just a niche production driller will push the SP to trade at greater multiples imo.