Reserves were based on a $90+ oil price. They will be hammered in the next annual reserve estimate.
One of the announcements said HBP obligations only require another 4-6 (? cant remember exactly how many) wells which will be drilled. If this is all that will be drilled, production will be hammered as well given the decline curve.
Revenue and margins per BOE are also being hit.
Share price looks about right to me, with risk of the down side if the POO hits the fan.
SEA Price at posting:
46.5¢ Sentiment: Sell Disclosure: Not Held