Cmon & all, I think the annualised EBITDAX number would be from 1/04/2014 to 31/03/2015 rather than taking March quarter and annualising. If that is the case the June & Sept qtrs were pretty good and with some adjustments and including the unrealised hedge gains could give a reasonable result. If this methodology is correct (I don't know if it is) that may explain Dec qtr covenant breach because Mar14 qtr was lower prodn pre the pads being completed. That may also explain some of the completion planning to ensure they just had one bad quarter to get everything in place otherwise and then focus on costs and production to deliver the planned result. The next challenge would be sept quarter as it would include Dec/Mar but there is the additional production on standby to give a lift.
The OP is a bummer and currently no interest in market for oilers but I think mgt did well to get all these wells completed and producing/throttled/shut in. Had the price not dropped like it did the March and ongoing quarters would have been very good.
I will re look at your post for more insight, thanks for the feedback and keep up the good work on all threads, your efforts are appreciated.
Cheers
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