RE:RE:LEG TakeunderLEG had too much debt and had no choice. Basically it came down to accept this offer or declare bankruptcy in few months when it could not make its interest payments.
COS is not in that condition. It can meet its divy payments and capex. This qtr will be close to break even becasue Coker 8-3 is being reworked. If COS can meet its projected Q3 production of 112,000 b/d and continue to get C$78/bbl, they will be close to C$100 cash flow positive in both Q3 and Q4.
For COS it is very simple, they need to meet their production targets and SCO must continue to get $75/bbl. For the market, it is a case of Show me.
Namsoc