Legit question is why didn't Bne issue some kind of convertible debt when they paid 25m in cash?
Journey energy did it when they decided they needed capital for durvernary wells, I am not a joy shareholder but it was a sharp move to lower risk for company.
bne spudded a Charlie lake well yesterday in bonanza so that means q3 capex and debt repayment will not be that amazing.
First and second cl well tie and frackin in July and q3 capex.
They say 3 and 4 well will be done in q4 but maybe they speed this up if spudding a cl right now.
'think obviously Bne is trying to get to 2k boe fast in cl to offset the declining cardium production.
Bne cardium play had like 80 wells over last 2 years just to keep it in the 7 to 7.2 barrels of oil per day.
maybe they are going to try raise some kind of cash after they release 6 cl well results...
Bne is under 5 bucks cause carrying a lot of debt for the type of quarterly cash flow. They need to get that ratio down fast.
Would obviously help if Bne could get over warrant price. Cash injection would derisk this abit.