RE:RE RE RE RE;Tonken' s additional capex spending Exactly. Tonken's decision makes perfect sense to me. They front-loaded the 2019 capex ($200mm in the first half) and didn't have to drill anymore. The second half was just the $130mm+ cash flow to the bottom line, no risk to allocating some of it to forward capex. He saves over $3mm on drilling plus makes a bit on the better winter pricing for natgas. And the sustaining capex for 2020 is now only about $150-170mm, translating into $140-150mm ($0.55/share) in the FCF. And that's with the current natgas pricing - I think the shale is leveling off and we'll see US$3 gas in 2020.
I think BIR is a very well run company and I've been looking for an entry point for some time. I know it's painful for long-term holders but I believe you'll see much higher share prices in 2020. JMHO and GLTA.