Cash flow is cash flow. Exploration is Capex. Turning Reserves (note Reserves not Resources) is where SSN will be making its money next 12-24 mths. Exploration comes much later for SSN IMO.
$70-$80 is good for me. I hope so.
PS - you may be pleased to note that (IMO) LNR (no longer listed on ASX) suffered a bit of a misstep. Debt to EBITDAX at 4.7 now on their covenant. Had to issue 2nd Lien Notes (at 12%) - so another rung in the capital structure - so they could buy back SR Unsecured Notes selling at a discount to par that lowers overall Debt and Interest (a good thing). Still it smacks of an equity offering coming.
Shows how challenging a $45 WTI benchmark is.
SSN Price at posting:
0.5¢ Sentiment: None Disclosure: Not Held
