I guess my first question would be whether or not the market has already priced Algar into the SP. If so, then your initial numbers of $49k or $39k/fb are probably skewed. However, I'm guessing that Algar's production is mostly NOT yet priced in. Although we're technically only about three months from the start of commissioning, we need to add in the commissioning phase and then the initial steaming (ramp-up) phase, which puts us about six-seven months from production. What's that old saying, "the market looks six months ahead" ?
Hard to say. Of course, we have to remember that our financials from June-August are going to be weakened by the fact that we're burning a fair amount of natural gas to heat the reservoir, but not yet getting revenue from the bitumen production.