RE:Ferret, Doug, AB, or anyone elseKensho
My own understanding of Ithaca cash flow is quite simplistic I think:
1. Debt is now falling so the current hedged production is net cash generative now that most of the GSA spend seems to be over - so that is all I have looked at re the now, huge net asset position but high debt within that although the imediate cash flow position is positiive.
2. Going forward, an oil price of around $70 will generate a PE ratio of under 2 with GSA pumping and nearer 1 if the oil price goes over $100. The cash ratios will only be a little higher, so even with a half decent oil price extemely cash generative post first oil.
3. Do bear in mind that pre FPF-1 development and delays Ithaca was the most pro-active, bold and agressive of companies in terms of development and acquisitions - FPF-1 delays etc just tied their hands for a few years. So whilst Ithaca may pay down the debt a littl,e they will prioritise using their cash to buy low cost assets while they arte still cheap. to some extent this has started already.
This does not really answer your question.
Doug