trader, take your point about the IP to 30 day decline. That is...

trader, take your point about the IP to 30 day decline. That is was what worried me after the first TXN EFS well.

But following the 30 and 90 days results I think the IP to 30 day decline is a red herring. The 45 and 90 day figures will be the ones to look at.

My rough calcs suggest 6 or 7 wells producing an average of 200bopd net would allow TXN to be self sustaining and pay for one new 1 EFS well per quarter ($8M cost). As that number increases toward 15 they may well be able to afford 2x per quarter. And so on.

I imagine by this time next year TXN will have wells 6 and 7 flowing if everything goes to plan.

That means this should be a very viable business with a great future. But for now it is too risky for some, for sure.