I think it quite apparent that even with SEH drilling over 74...

I think it quite apparent that even with SEH drilling over 74 wells, that the majority of the vertical wells are not going to deliver enough gas to cover there expense in drilling and connect them to any export system in my view. Huge sunk cost!

The only chance SEH has of making a real return will be horizontal well which cost at least $5.0 million a pop, and we also know from SEH joint venture partner that they have delayed already drilling 18 development wells.

As to decline curve, yes all rock are the same and then different, so as we have zero decline curve from SEH it is quite reasonable to look at similar rocks at similar depths in other parts of the world and as USA has the most developed unconventional hydrocarbon industry it would be a reasonable place to start.

Finally I glad to hear that they have 20 pay zones as you call it, that in itself part of the problem as by now SEH should have defined the best 2 or 3 and be completely focused on them to extract commercial gas.

But as I keep say they don't know in my opinion which one of these 20 pay zones going to deliver.