Ann: Third Quarter Financial and Operational Results, page-6

Another report which suggest this company has a limited life span.

Lets say
dimmit is for sale and they get the asset value.
they spend 70 on developement and exploration - which thy would
spend other 30% on paying debt down

now thay are still at max debt level and income reduced as dimmit no longer going fwd

Thus once the 2018/9 cap plan is completed and assuming oil holds above 55$ i just cant see how the company can move fwd. The balnce shete will remain static and no growth and any further financing is going to become extremely difficult for them and from a sh perspective even if they can service debt how can they afford expansion - they cant unless for some unlikely event oil gets to 100$ (and thats just not going to happen)

the NTA now is under 7c ps and sp unlikely to go to much higher then say 10c. Thus great if in at 10 but anything above that you need to kiss your money goodbye. Management keep saying one of their key metrics is sh value based on net debt adjusted sp but they never ever talk about how they are going against that key metric - reason - they are failing?

Solution - Vitol coould buy out - but if I am CEO of Vitol and you have SEA management by short and curlies all one need do is keep giving advance revenue deals until the SEA collapses under weight of debt and buy any remaining assets at fire sale price at which point the sp is going to be ZERO.

Vitol is going to screw SEA to the ground - Eric just kicking the can down the road now - this stock is how we say in the biz - f%$^ed