Let's not forget EON only earn 53% net royalty after the sell...

Let's not forget EON only earn 53% net royalty after the sell down of this well, so even if IP rates are @150 b/d from the well revenue to the company is around 75 b/d. On these metrics I feel it will take multiple successful wells to materially move the SP - how will they fund more wells? via more debt or continued farm-downs, my understanding is that management prefer the latter. In one of the earlier Proactive Investor interviews with JW, he seemed to suggest that step out wells could be undertaken from the same drill pad, it would be good to hear more about this. It could be a slow game if we are waiting on profit from this well to fund others in the PRB (even with farm downs) so it may only be feasible to drill one well in 2020 (allowing for declining production from the other fields to cover all operational costs across the business)..

Any other views as to what is holding this SP back (apart from no available flow results from this well and a number of traders that may have been burnt on the original options)?