RE:RE:Q-2CEC's cash has really dwindled to the point they would have to take on debt to bring on phase 1 production and much more to get phase 2 up to 3.600 bopd. Going into debt is something management has not been willing to do which is what i liked about POE. In hindsight selling off L-53 was a mistake. Getting rid of our cashflow meant spending what they had ($7 million) post Thailand. With the Thai auction constantly postponed if not in doubt of occuring in the foreseeable future CEC will likely have spent all its cash by then with nothing to invest in Sawn Lake. Debt is their only option unless they farm it out which they already published their intent to do so. Selling all of SL completely will indicate its lights out for CEC. Management is bleeding off CEC's cash with no prospects immediately on the horizon. For Jeff to do a VLE type deal would be a company saving miracle. The sort of event that would be equivalent to parting the Red Sea. That said, I'm not holding my breath. Glad I sold.
Radcat