Don't get me wrong as SSN can profit from $60 but foreclosures in oil and gas Companies have already started.
ASX company Red Fork Energy that drills in the US went into administration showing 3,260 BOPD but they had a $100million debt and their lenders moved in to protect their interests.Now they needed more money to drill so they got stuck with the POO declining.This is just the beginning.Now how many Companies in Australia and the US are debt fuelled and relied on high price of oil to continue?
Once all the wells come back in operation,SSN will be profitable and they have $31 Million already secured to grow.
Price of land decreasing
Royalties paid to land owners will decrease
SSN should consider decreasing admin costs even further too
this Board are better deal makers than drillers so now is their time to shine ...ends..
I think he makes a reasoned point.
GLTA.
SSN Price at posting:
1.2¢ Sentiment: Buy Disclosure: Held
