re: not going to go into debt again
The reserves figure in the Annual Accounts last year psarked a great deal of debate. It will be interesting to see how they look in this year's annual accounts which are probably about six weeks away. The detail they were forced to give last year was pretty comprehensive, and we will get some clues on what they think is left at West Cameron as well.
In terms of debt, I do not agree with a company like this holding too much debt. For the amount of the spend on some of this offshore stuff, if they cannot do it out of cash flow, then the risk is too big. I like the fact that the onshore stuff is less leveraged and development spend is way less. Also, as per the BBY report, the exploration and development spend on Main Pass is way less than Vermillion.
Boy this stock requires patience.
PSA Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
