Whilst US oil is in the doghouse since the Middle East and Russia crush the US shale industry so most companies cease to exist....worth noting that Average WEL cost of oil production in Sep 2019 quarter US$8.26/bbl. I think that could be even less at the moment.
Also that the USDAUD has just collapsed, 1.75 compared to 1.47 n Sep.
So during survival phase we can atleast continue to produce at an economic level, we had a good USD cash balance as well recently so should survive this downturn unlike many others. Assume our drilling has now been postponed until further notice to preserve cash (albeit an announcement would be ideal.)
Dropped a few out higher and now back into some down here.
WEL Price at posting:
1.8¢ Sentiment: Buy Disclosure: Held
