EXR Trading 2024, page-184

Great questions!
Worried?...yes...actually petrified, if I'm honest. Lots.....lots and lots of money invested in EXR.
Money that has significant opportunity cost attached.

However- I felt exactly the same when I made our 1st purchase in early 2019- after all, it's hard earned post tax dollars from a lot of hard yakka.

But then, as now, I examine the fundamentals of what we are investing in, the macro elements around energy and the role natural gas is playing/will play going forward, and the leadership of EXR and the actions and behaviors exhibited..

In essence, I see now, as I've always done, that we are in a good position with, now, 3 assets, of which Grandis in particular is on the cusp of "walking the walk", not just "talking the talk". We expect that within the next week or 2, we'll get data analysis back from the lab and we'll see we have potentially more gas and condensate than originally thought- perhaps.
And then we're on to flow testing- and the potential to prove our collective gamble has been worth it- justification for all of us here, and Neil in particular.

Nomgon and Mongolia is slower than we all expected, or wanted- but that's the nature of pioneering activity with us as absolute literal ground breakers. I still have absolute faith that the PSC will be an absolute pearl. It will take time, effort and more money- but (IMO) it will turn trumps.

Gobi H2 will have it's time as well I believe- again...maybe not as quickly as we all want.

So- in essence, my rationale for continuing to buy EXR heads, and oppies (when attractively priced -I MO) is that we are undervalued, and that our potential is astounding.

The current reality is, however, that the market sees us like any other unloved, unproven, highly risky speculative play.

And...to be fair, we're probably priced accordingly given the reality that we haven't actually proved much to date- that's absolutely factual.
Potential is one thing, but in the current market actualities are sought and supported, not "what could be".

The Wonker clan (and most of us here!) are taking a massive gamble though that we will be proven "right" at some point- not too far away, we hope.