Not Participating, page-10

I think your synopsis is spot on. Highly unlikely given the assets the business will collapse on the back of a failed CR. A tough time for management and tough decisions will need to be taken over the next weeks or months but there is no necessity for the business to fold. I still believe there will be sufficient confidence to raise the cash by way of CR or find a JV or sell some of the assets. The real question is timing and of course what sacrifices management are prepared to make in the interim. It is at times like this they get to earn the big bucks and no one wants a failure on their CV. Of course, this is all based on not raising the funds from the CR and we may yet all be surprised of the outcome. I remain optimistic as this will be the best solution short term for us all. A successful drilling campaign and the landscape will look very different and we will of course all be praising DC. O&G is a volatile business but that’s what brings the big rewards along with the big risk!

Good Luck All