Agreed with most of this.... Except part of the model is the asset sales (land sales). They've been unbelievably good at monetisating land sales with every deal and have built up a massive land bank. They'll keep doing it. The real risk is the cost of shutting down the old wells being significantly higher than they are declaring, but they've worked out a model to get this off their balance sheet (only for some of the wells so far but they'll keep on going). On the debt point, they are silo'ing the debt on each project / area so one problem doesn't bring the whole thing down.