Great analysis but a few points:Deduct off WTI is as high as...

Great analysis but a few points:

• Deduct off WTI is as high as $12/bbl in some parts of Texas (not sure what it will be here but that would be useful info to know)
• Is the 3000 bopd going to e a net or gross number, Royalty interests and other non-op working interests could reduce the revenue quite substantially (this is unclear in AOW announcements)
• Not sure where the $20/bbl opex comes from but this could be optimistic - the big boys are not getting this on full cycle economics
• No production decline rates factored in here
• Corp O/heads - AOW will need to take on a management team in the US to keep this baby rocking
• $72M debt v market cap much lower than that (not sure what this would be but it has to be lower) - scares the Australian investor market (maybe their OTC listing investors (US) will be more accustomed to these debt:equity ratios)
• Further capital raises required as a minimum to fund bonding costs for current and new fields
• Interest rate looks reasonable but there is no insight into this from AOW at this point.  US debt funding is available for PDP assets but missing any covenants can be deadly - ask SSN