placement, page-43

OK - but decline curve analysis is part of reservoir engineering modelling that goes to establishing Reserves. Obviously as production occurs the declines can be truly measured for more accurate modelling of remaining reserves - which so far have been good for the acreage in hand.

There was some of that in the Prospectus.

The b factor is huge variable in shale but we don't have that.

I agree that the discount being applied to a reasonable reserve multiplier (don't know whether you agree with my earlier posts on numbers) will be lowered as production accelerates.