Well, well, you accuse me of not bothering to read BYE...

Well, well, you accuse me of not bothering to read BYE announcements.
Given your incorrect claim that BYE had zero hedges in 2022/23, it is obvious that you didn't bother to read BYE announcement.
Talk about the kettle calling the pot black
What a joke

Current hedges are 475 bopod, not 675. No way to spin your way out of that clanger!

Second $12m draw contingent on success - requiring the additional 200 bopd.
So what will they use this draw for?
Completion? Possible, but unlikely due to commodity price strength (cashflow) and no problems so far.
Just in there were/are cost over-runs? Probable.
Another E-well, given program currently within budget: weather has been kind, and no mechanical stuff ups?

Irrespective of this, the important point is that $75 hedges are OK.

SM58 is clearly not a stellar investment.
Unlike GC21, SM58 is still reasonable, i.e., whilst not stellar, it not a GC21 type disaster.
If they were able to start again, with the benefit of hindsight, they may/probably would select a different target.

However, sunk costs are not relevant going forward.
Furthermore, SM58 wells are clearly the best option going forward, this is a no brainer imo.
1. short time to production (success case)
2. low cost to bring on production.
3. very high chance of finding oil
4. main risk is reservoir quality/rate of production.
In other words, very high chance of success.