RE:Kel is a great stock. Very similar to CrewKelt and Crew are not in the same situation though. Crew is 2 main assets, 1 almost fully developed, the other in need of development but almost shovel ready (all permits received). Both with free cashflow line of sight - my guess 10% on current production on 12 months strip, the drier Groundbirch is higher but in need of higher NG prices (why TOU won't develop until '26 or '27) than current strip allows.
None of Kelt's plays have cashflow line of sight yet IMO. Simply because the 3 respective plays' reserves, nameplate boepd and liquids mix haven't been fully assessed/determined yet. IOW Kelt is very much a work in progress.
Ultimate upside is debatable - certainly that Wembley @ 47% liquids is unlike anything Crew has. However, the never ending barrage of management options cashed in casts a long shadow on the company as to what is really going on.