RE:What are the odds that Delek will buy IAE?
imho delek will not buy iae, however I do think delek could end up with most of iae's assets by merely assuming the debt, possibly as soon this spring but more likely in 6-9 months time. in this case iae shaeholders will end up with something similar to what opti's shareholders did, and that is if they are lucky imho. dlek is sitting there like a vulture waiting to pounce on dead meat.
iae's rbl was reduced during the last debt review when oil was a fair bit higher than it is now, iae was also producing about 12,000 boed at the time, this year it is down to 9,000 plus they have added costs of shutting down fields plus we don't know what extra costs were incurred during this wild north sea winter. we shall see some of it next q.
I also suspect iae may be monetizing their nat gas puts to pretty up the balance sheet a bit, if they do this it will leave them with an approx 5000 bod hedge to june 2017 in the low to mid .60 range. plus a small nat gas hedge..
cheers and gl ferret