RE: ATI tested 1.3 MMCF on a vertical in 1988Stateside,
Thanks for all the work you've done on this one. A couple comments and questions for you.
1. ATI looks like the cheapest of the bunch by far, even if you assume that only the deep acres are prospective. My concern with ATI is that they don't seem particularly interested in doing anything with the acres. On the one hand, it's a good strategy because it conserves cash and minimizes dilution. But the lack of news has certainly contributed to the undervaluation. How long before they begin to move and how do you think they take this forward?
2. Any thoughts on CQM? Seems like they have acreage right down the fairway and valuation is very cheap.
3. My biggest concern with all these quebec shale gas plays is the time to develop the resources. There may be 40TCF of recoverable gas, but the vast majority of it will be developed >>10 years from now and the present value of that is close to zero. Thoughts?