I really think DW and BoD have played this smartly.
Sure we didnt and they didnt get the IW2 results they wanted/hoped/work hard to get but, they were very clear that the HRZ was a 50/50 and so in the background have:
1. cashed up via CR at an optimal time (pre IW2 open)
2. Secured additional land opportunities for conventionals
3. Started partnership on a conventional well which should bring in cash - was it 140+mbbl to 88E ? Q1 2019
4. Have 3D data on western IW fairway being analysed for further conventionals and farmout/in deals - I would expect news and a schedule on this very soon
5. Yukon 3D play pending too
The above makes a huge difference to same time last year when IW2 had the winter shut-in
As many have said, not a 1 trick pony, will sit in the red and hold out
88E Price at posting:
2.6¢ Sentiment: Hold Disclosure: Held
(20min delay)