RE: 60 000 000 have interst cost you are correct in that interest costs are significant, about $3.5M per year according to their projections, on a net cash flow of $27-29M. This would be enough for another 2 wells in 2013.
But I think more important is your view that we need good success in the north to get EE over 2000 bopd again. From that base, production growth could ( all the usual assumptions) be very quick.