Thanks, goldbear. Putting the AISC technical definition aside,...

Thanks, goldbear.

Putting the AISC technical definition aside, per my points in an earlier post it's still concerning that TRY's refinancing strategy doesn't come across as having benefitted TRY. Reality is that the hedge liability has now added to the debt liability. And this is after paying down $15m. Using your interesting mode of expression, in consolidating the 's to an s', the total liability is again $75m.

As TRY and BDR have comparable blue-sky potential and their sp are still in the 2:1 ratio, it is a difficult choice between them. The former has continuing problem in number-crunching, while the latter resolved that problem with the departure of Peter Bowles and team but now has a new problem with Brazilian sovereign risk.

Hopefully, TRY doesn't have the misfortune to experience sovereign risk. Venezuela has not yet relinquished its territorial claim on Guyana's Essequibo territory within which sit TRY's tenements. Given Venezuela's financial crisis, the temptation to escalate the claim can only increase. How much can the UN or Britain assist if the most of the world also gets embroiled in the much larger global debt crisis?

Here are two dated but still relevant articles:
https://www.washingtonpost.com/news...ans-can-all-agree-on-taking-land-from-guyana/
http://www.nytimes.com/2015/11/19/w...e-with-venezuela-escalates-over-oil.html?_r=0

All the best to TRY investors. R.