RE:Feb Update Good update. The collapse in WTI is a fear induced financial event that will be volatile but short lived. Gear still has operations costs and capex to address but in the whole intends to sit tight till summer drilling and reassess.
It looks very much like Gear will postpone 2023 capex till summer and keep the dividend in place till the end of 2Q/23. If they suspend capex for the summer and blow down production instead, they will retire debt and start again for winter drilling.
Lots of options that are likely unnecessary as demand picks up in the spring.