reserves report, page-25

Well I guess the other good news is that at least Mizuho understands the Niobrara (lent Noble a $1B). So right now the collateral is Birch to drill both projects.

Whether its fine print or not its "buyer beware" - should have asked deeper questions in that regard. But as you say it effects only the free carried wells (12% of the initial 25 wells) - the big change is to timing of cashflow and how quickly cash can be accumulated and reinvested.

Thus the balance sheet is nowhere near as strong (in the same timeframe) and the leverage increases. Becomes Risk v Reward.

Proves again - no such thing as a free lunch. I bet everyone here might just remember that in future farmouts.