TYp. - banks lend 60-65% of PV10 PDP assets.
market understands the capital cycle of shale plays reasonably well.
this one has plenty of room to "grow", management have both skin in the game, and a very good track record. the dirt is also fine (in terms of eur/well).
its simply a matter of capital getting tighter in the shale patch.
see SEA for another example.
rgds
V_H
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