One thing to note is that an HRZ farm-out, would not necessarily...

One thing to note is that an HRZ farm-out, would not necessarily be for the whole acreage. Indeed, it almost certainly won't be. The value of science and engineering insight gained so far will determine the potential risks of investment at this stage of appraisal, and hence will determine the terms of the farm-out.

My unsubstantiated expectations/speculations are crystallizing around a farm-out of around 10,000 acres in the FB vicinity, with an established shale operator with Alaskan ambitions. The farm-out to be based on free carry of a horizontal test flow well, with success case options to build a 'starter kit base project' (as mooted in an earlier investor presentation). The free carry well to be a sidetrack from 2v, but the starter kit project to be based of a fresh gravel pad off the all year haul road.

Based on PB's estimates, 10,000 acres in the sweetspot could have 100,000,000 recoverable bbls. The question is whether this balances the known and unknown risks at this time without us giving the entire farm away.

All IMO.