Calmena Energy Services Inc. T.CEZ

RE:RE:RE:RE:RE:RE:RE:RE:Any word?

[jts115]

Yeah, management has really gummed things up here. It would have been a great liquidation play but I don't think management understands that they aren't going to get the 1-2$/share price they bought in at.

I mean looking purely at replacement value of current assets

they spent ~68mn on the mexican rigs several years ago,

~25mn on the libyan rigs

and maybe ~30 on the DD business+continued capex

I mean, the market is bad but assuming cash burn of about 1mn a month, they should have about 23 in net debt (10 of which management/board members lent)

If they can feasibly sell their assets for 1/3 of their cost of acquisition ex libya (and come on, those rigs have to have some miniscule value) that should easily pay off the debt and leave a few pennies in shareholders pockets. It is just a shame that they couldn't sell off the business sooner