Farm-out coming, page-16

Of course the proving of the whole project will require many shots and much capital. It is unlikely that we can optimize the acreage value without expending the required time, money and action. However, Pc (estimated by DeMac and endorsed by 88E) at the moment suggests that the chance of failure and the chance of success is about equal. Not really meaningful to debate this point of fact. What is debateable is the potential consequences of failure/success. I am arguing, and have consistently argued, that the ultimate 50/50 outcome is not 50/50 in the quantum of $$ at risk/reward associated with those possible outcomes.

Also, each sequential shot at proving/derisking the acreage further improves what IMO is an attractive risk/reward equation for me.