The decision to farm out or not has been and always will be...

The decision to farm out or not has been and always will be relative to our market cap. If we are trading up in the $1-2B range after a discovery and flow test here then I doubt there will be a farm-in offer that is more attractive than further appraising this ourselves with 2 or 3 more wells in 2024. Following that, if we appraise more ourselves next year and reach a $2-3B market cap, it will depend on what any farm-in offers look like that are tied to an accelerated development.

I would love to see 2 JVs in future for the 2 license areas but I doubt a partner will want to farm in to one without having the upside of the other and a monopoly on the basin and local gas/power market - and on top of that, anticipating competition with another project next door. Even if there were 2 JVs - most likely they'd develop the same project anway (shared pipeline, processing facilities, etc.