But especially when you’re working alongside the operator, the timing and confidence in that underwritten value, it can be a lot higher. But I would tell you that generally speaking, when you’re talking about bigger ticket items, the discount rate is going to be wider. You are just simply going to be able to have a — Adam?
Adam Dirlam: Yes. And that’s a function of knowing who your competition is. And as we see larger and larger non-op types of transactions that’s going to effectively filter out a lot of the competition that we would otherwise see maybe on some of the smaller ground game things. That’ll give the opportunity to raise our discount rate and still get things across the finish line.
Nick O’Grady: And I think not to be too tongue-in-cheek, but anyone who tells you that, we’re picking up the small things that no one else is paying attention to. I think that’s not true. Because I think the smaller and the lower the barriers-to-entry, the more competitive with any processes.
Scott Hanold : Appreciate that. Thanks.
Operator: Our next question comes from the line of Neal Dingmann with Truist. Please proceed with your question.
Neal Dingmann: Good morning, guys. Thanks for the time. Nick, my first question for, and Adam, just on the Mascot project. Specifically, could you discuss just since you did, I guess it closed out terribly long ago, but since closed any update on the development plan or just maybe what returns are looking like there? I know its a quite interesting project when you first announced like it was mid last year now. Just wonder how that’s progressed?
Nick O’Grady: Yes. I mean, I would just give an overall. I’ll let Adam talk about the details, but I’d say, overall, we’re really pleased. We take every thing day-to-day, month-to-month, but everything so far has been wonderful. I think the productivity, obviously, some of this is just conservatism on our end, but the productivity has been better than we had certainly underwritten so far. I’d say, they’ve been hammering away in the field and doing a great job so far and everything moving according to plan. I don’t know if you want to add to that.
Adam Dirlam: No. That’s right. I mean, I alluded to the fact that, outperforming expectations were about 10% on current production. We’ve got about 9 net wells in process. The drilling and the spudding of the wells is humming along and that will be ratable across the rest of the year. And then, from a completion standpoint, in the next couple of months, they’ll be getting after that. And so, you’re talking about — excuse me, about half those WIPs give or take, tailing in late June, kind of early July, and then kind of that next wave coming into 2024, give or take. So down the fairway with no surprises, pretty much everything that we underwrote.
Neal Dingmann: No. That’s good to hear. I’m looking forward to that. And then, just on, Nick, I think it was in the press release. You continue to talk about the record number of just proposals you’re seeing. Maybe could you just speak to that? I mean, again, I guess my question around it is, are you seeing more today than you did even a year ago? And if so, has sort of what your restrictions are when you’re looking at these maybe talk about what the requirements are? How much tougher they’ve gotten since the company is now much larger?
Nick O’Grady: Sorry. I want to make sure I’m answering the right question. You’re talking about like, just well proposals or you’re talking about like transactions and opportunities. I just want to make sure.
Neal Dingmann: No. I’m just wondering exactly just on well proposals, like, how many are you getting in, when you and Adam are looking at it now. Is the bogey to hit how much higher would you say it is these days versus a couple of years ago?
