They missed a big opportunity....To pull up out of the share price dive (that was caused by the oil market dive as nearly all juniors have gotten absolutely hammered). The market was already anticipating the FPF sail away as the share price was recently creeping back over $1.40. So I would agree that the company has blown an opportunity to outperform the market and put any liquidity issues to complete rest. If I were managing this company I would be completely frustrated. In all fairness however, Les Thomas inherited a lot of commitments that were already made by the former CEO and board. The Valiant acquisition in retrospect left a lot to be desired as there was a significant reserves write off the following year. The deal with petrofac seemed like a very smart move initially,ds for a junior north sea developer, as it was to save a huge additional capital outlay by Ithaca and Dyas. The problem is that the deal gave petrofac pretty much full control over the refurb of the FPF-1 and if Ithaca pushed them too hard it would simply mean huge additional costs to them and Dyas. If oil was still $105 per BBL we would not have the issue. I was shocked with the postponement of the FPF and so was the market. One thing we all have to understand is that investing in oil and Gas E&Ps is as much a play on the price of the commodity as opposed to stock picking. I must say that Ithaca has had a ton of negative convergences over the last several years. As a result, there is now some speculation in the name. It would seem obvious that this is the last postponement as they are 75% complete the platform and they have a year to complete the remaining work. The hedges are worth nearly $130 million and will look after the interest payments on their debt with plenty left over. Hopefully they manage their opex and capex to keep them within the operating margins at current Brent pricing. The real solution for Ithaca as it is for the rest sector is for Crude prices to get back up to the $80 plus range.