RE:RE:RE:New 52 week lowI'm in total agreement, and we should be voicing our concerted concerns to Thomas and the rest of the BOD. The guidance received on January 12th was extremely misleading. How does the situation fundamentally change in a matter of five weeks? See you at the AGM in Calgary in June.
Attached is my feeble attempt at getting guidance I can take to the bank...
In light of the news today, the question must be asked if the company has the ability to service debt at 12000 bbl's/day in such a low oil pricing environment? How does the company intend to mitigate damage control and restore faith in the investment of this equity? When and where is the AGM?
Further to your email, the Company's debt profile is supported by ~12kboe/d of significantly hedged production until Stella start-up in Q2-2015 and a materially de-risked development, given the near completion of the Stella development drilling campaign. The cashflow / capex profile of the business prior to Stella is also one that should allow some modest deleveraging, which is clearly a good trajectory to be on.
We understand your frustrations with the GSA start-up delay and will be working hard to ensure that Petrofac delivers upon the work it needs to do on the FPF-1 as efficiently as possible.
The AGM will be held in Calgary around the middle of June.