SEA play the game a lot smarter now then they did in 08. I wasnt holding then, but ive delved into thier reports.
These days they are net cash flow positive. (taking out development and exploration costs). Intelligently those exploration and devlopment costs are now farmed off onto others so that even though SEA cover some portion of costs up front on thier books, by the time the project is drilled they generally have thier cash back and the farm in partner has free carried or largely free carried them.
I like the way they play these days, and with 50 odd wells in the remainder of 2010 with varying levels of working interest its more then likely imo to have an appreciable sp movement. Most these wells are in quality tenements with proven reserves.
Time will tell, but very happy to be holding.
SEA Price at posting:
14.0¢ Sentiment: Buy Disclosure: Held
