The reason for the red is the angry bear in the market.
SSN can produce $50 oil so unless the medium term price of oil were to fall below $50 all remains good. Importantly, exploration units can and will be used to secure broad leaseholds AND I personally prefer stocks with huge upsides, strong cash and tangible resources at times like this.
The projected growth is will be subject to market conditions / POO however it points again to the involvement of a BIG JV player. Medium level players could not, I think, mobilise either the rigs or the $ needed to largely unlock value within 2 years (or thereabouts).
cheers
SSN Price at posting:
6.8¢ Sentiment: LT Buy Disclosure: Held
