RE:RE:RE:RE:RE:Sale sooner than later?Of course, it's management discretion on how much they spend on exploration and development. They've previously committed to (or should I say "communicated") a program of $40M+ a year, with around half going towards development and half for exploration. They won't hit that mark this year for two reasons i) funds are earmarked to retire debt; and ii) why ramp up exploration in a down market?.
However, they do need to spend money in order to build up their reserves ... based on Dec 31, 2015 proven reserves and assuming avg Bopd of 15,000, they've got around 3.5 years of oil left.
I've listend to the conference call and spoken with management. All I am saying is they have $125M on the books and $99M of that will go to retire the convertible debt. Thereafter, we'll have a clean balance sheet, $25M in the bank, and we sit and hope for oil prices to go up. $25M will disappear quickly and they need the dry powder to fund exploration and development.
I own both the debs and equity.
Cheers