Long Run Explor Ltd Ord WFREF

RE:RE:Long Run Exploration Lowered to “Sector Perform” at National

[JohnJBond]

A mid day large increase in volume and large blocks crossing.    Will be interesting to see if this is company related, or if someone's position is just getting closed out.

As for Legacy, they are in a much worse position, with no hedging, and 800 plus million in debt.   Once the price of oil bottoms, Legacy will rebound faster, as its more vulnerable than LRE, but until then, they are in a big storm without a lifejackets.    Legacy will be making a lot less cash flow right now (lack of hedges), they are likely close to their debt covenants, and they have no dividend to cut to release funds to the company.