Some points
Appreciate very much the commentary going on here to explain all of this. But I still have a few questions that seem to me make the strong downward price action to be odd. 1. Weren't the most recent flow tests done with only very partial fracks? I mean can't we expect a much higher flow rate if the full length of the well is fracked? 2. It seems that Sean went out of his way to try to comfort the market that water isn't an issue IF it exists AT ALL. But this may have backfired. From what I read, there was nothing in the test results that prove conclusively that water exists in the formation ...at all. Am I wrong about this? Yes water was encountered but this was after a fracking of the well where removal of water is part of the clean up process. Isn't that correct? So my read on this is that the basin may actually still prove to contain no water ....but if there is water, it is highly inconsequential to the commerciality of the basin. What am I missing? 3. Given the above two questions, why are we so quick to assume that so much less gas is available? Hasn't the area of the play been greatly expanded by the success of the Dev well since the D&M estimate? Even if the length and number of sweet spots has contracted?