Arrivederci, page-3

Arrivederci indeed Shelcomm. BTW that region in my plans for mid 2016.

Boone Pickens is in with 9-18 months. Relative same logic I have in that the slowdown in permits, drilling and such will hit supply in 2016 as 2015 production from shale has to increase (just not from AKK) because of drilling this Qtr and forward commitments. The production reduction comes from natural well decline rates comes in 2016.

I'm shifting to more conventional and stronger and less leveraged mid/large cap shale with some exceptions. Definitely not a reset event (not yet anyway).

I am worried though on the counterparty hedging credit risk - that could be a domino that starts an ugly rout.


Shame on us for not recognizing what the Equity Swap Agreement (or SEDA on Lanstead's home turf) truly means. Hard to say what is worse ESA or those toxic convertible notes issues. Smacks of desperation. The Financial Times might have it nailed "with vast majority of cases, their share prices fell – and the median share price fall was more than 50 per cent." and only 3 out of 37 traded above. Not good odds.

Throw in a moat for safety and re-entry price becomes 25% of 7.65cps = 1.9cps. Still not interested.

My avoid list just keeps getting bigger.