Unfortunately the oil price has really hurt us here. There is nothing we can do about that.
The production probably din't quite get there because when you read thru the report there seems that afew wells need to still come onto line, the last Helis well was plugged for another day and our 100% well not finished.
Basically SEA has gone into a holding pattern.
One thing I thought was interesting and will be questioning is that they say no cap raisings, equity debt etc yet we have 14mill in cash with the quarter burn rate expected to be 7-8 mil. That will leave us with 7 or so mil by end of March. Cannot see were the moeny will come from unless the oil price improves.
There is still some activity going on but not very heavy at all. Having said that we have a company debt free with good producing assets and cash.
Come on the oil price.
SEA Price at posting:
8.0¢ Sentiment: Buy Disclosure: Held
