I completely agree, but at the current SP the reward is probably...

I completely agree, but at the current SP the reward is probably insufficient for many investors to top up given the level of risk. If the SP was in the range 7-8c there would many more investors willing to buy-in.

The risks include the coals not flowing as well as expected after stimulation due to incompatibility between calcareous coal matrix and aqueous stimulation fluids. Using CO2 as a frac fluid would achieve a higher chance of success.

The deep high pressure permeable sands might have limited size reservoir similar to Overton sands, which would result in poor long term well performance (early pressure decline), and we do not know how far the frac has extended into the formation.