Ann: Montney Testing Progressing Successfully, page-12

Agreed, market is unimpressed even though there is lots to like in this announcement.

Clearly there are only 2 things that will see a re-rate of this stock now:
1. Deal on Montey (partial sale/JV/full sale) - whatever will provide a clear 3rd parth pointe of reference for value and/or crystallise value
2. Actual cash flow generation (at least $10m per quarter FCF, post capex and growth), for at least a couple of quarters - this negates any noise/excues around oil price/hedging/cost overuns/production