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Once we are on the other side of recapitalization....Recent crude action has to be directly helpful to Ina mgmt closing arrangement, anyway you cut it. Swap price from here to first oil is very close to budget Once we goes on the other side of this, the restrictions on cash are no longer as strict. It strikes me that share buybacks become a very real method of reigning in some of the dilution If oil is above budget, then we have a positive scenario where these guys are fully funded to their 7K + boe per day AND... They could be working normal course issuer bids of 10% of float . AND they could be working corp transactions Amazing how everyone has such a hard time seeing a path to value creation here when all they need to accelerate this is long term Brent to move a little higher After 3 yrs of buybacks, they could have that share count sub 2 bn very easily and navps could really kick in in any recovery scenario. Bondholders now want and will encourage shareholder value add decisions , including namely buybacks. All my opinion. |
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