HRZ Shale Decision Tree, page-3

That is a great question Red, and i agree with your own interpretation, that we are now positioned betwixt 'Exploration' and 'Appraisal'. And IMO, it is quite likely with the IW2 well results to date, that which way we branch with the 'Appraisal' will largely be determined by a third party, a Farminee.

Who might want to undertake the microseismic monitoring required to understand if the fracture system we created is anywhere near optimised. Who might accept that we failed to achieve, and are unlikely to achieve reservoir connectivity with the vertical bore. And who might want to move straight to a horizontal well design, after looking at the data bank we already have to decipher.

In any case it is a key time for us, to retain as big a piece of the HRZ pie as we can, without holding the carrot too far away. I'm of the view any farm-in will be all about settling on back in rights. And to my mind, that is where DW will be looking to play his best game of chess.

Beard needs to go perhaps? Never trust a man with a beard, i've heard.

Or a woman.