EEG is probably fairly valued at current debt levels.
EEG previously expected to obtain 500-600boe/day of addtional production from its 10 well drilling programme. For reasons I explained earlier it has not achieved this expectation.
I agree with the general consensus of the HC posts, EEG represent enomrous long term potential. But with free cash flow going towards paying down debt - I can't see any ambitous drilling programmes in the near term future. Just more earning accretive appraisal drilling and bolt-on accreage acquisitions, lower risk stuff.
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