Think this is a key point and shows the position of strength that SEA are in at the moment and Eric's CFO experience (from Eric's Statement):
"Our strategy of using cash flow and senior debt to fund our growth as opposed to tapping equity markets was fortunate because when equity markets did dry up, we needed capital and would have paid the price were it not for the flexibility provided by our credit facility.
In early 2012 we announced our intent to divest the Goliath project to accelerate our shift to higher interest, Company operated prospects. As we began marketing the asset for sale oil prices dropped 25%, decreasing prices offered for the asset. Since we were not in a position of needing to sell to fund our development and leasing program, we postponed the sale to await improvement in market values. In the meantime, we have continued to invest in, and add value to, the Goliath project."
Cash, cashflow and to hang out for the best price on our other assets up for sale is a nice position to be in these economic times.
SEA Price at posting:
75.5¢ Sentiment: None Disclosure: Held
