In July SSN averaged 688 BOPD (net to SSN), incl all shut ins.
Expenditure has always been a concern but at least now SSN has a genuine revenue stream. Confounders for SSN (and its SHolders): 1. Falling PoO, ii) Shut ins (eg., maintenance, weather). Sharing a common platform between four well is cost saving but you pay for it when needing to shut down platform. Without current expenditure and farmin agreements (reduced net %), we would have been long gone. This (IMO) is only viable business option.
Based on recent discussion at Sydney SSN meeting + Pages 24 - 27 (of yesterday's release), convinced me to buy more into current weakness. If SSN delivers on projection (below) - how can price remain @ 2c?
Yes, SSN is a risky play....very fine balance with no room for failure. Isn't that definition of Oil industry / investments?
It certainly aint for the feint of heart or is it just for those feint of head?????? Time will tell.
Good luck,
MS
SSN Price at posting:
2.0¢ Sentiment: Hold Disclosure: Held
