This report is (refreshingly) conservative given brokers usually blow hard to the upside.
Notably absent however is any mention of Pathfinder/ gas gathering/ or any of the mooted potentiality (pierre shale/ new JV interest already mentioned etc) associated with the Colorado activity AT ALL?
Given their 12 month target is 2.5c, SL's 5-5.5c proposition is pretty robust IMO. Still accumulating on dips (fewer each day)
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