I think the debt funding is the key to 'de-risking' the company....

I think the debt funding is the key to 'de-risking' the company. todays flow rates de-risked the acerage, but the $3m in the bank (from the presentation) is barely enough for 1 more well in Birch, let alone 1-2 a month as has been suggested by Gustavson.

the risk remains that they can not pay their share, so i am not sure the entire value of Birch has been factored in to the SP. once debt comes through (depending on terms of course) some of that risk is mitigated. We know there is plenty of oil, and Halcon know how to extract it very profitably, AKK just need to prove they can fund their share (then the price will go up imo).