Cash Margin & Oil Price Rise, page-3

and not to be alarmist ... on page 17 it states that as at Dec 31 that they were in breach of their Debt to EBITDAX covenant. I did kind of sort of try to illustrate that.

However they did receive a waiver from MBO for this Qtr only (i.e Dec).

SSN does note the possibility of further asset sales or capital raising if they are not permitted to draw down further debt on the facility.

That is the effect of low cash margin.