Bignote, I agree with your point regarding a rethink on USA oil stocks. Hopefully it will translate into a competitive environment in the USA to aid sale of RFE assets.
With respect to Guggenheim situation, I glean from the Annual Report that covenants addressing leverage ratio and interest coverage ratio might be the problem. With no drilling and declining oil flow and declining developed reserves, I can't see these metrics improving. Something needs to happen soon to improve balance sheet (asset sale) or provide shareholders with a better path forward (scrip bid maybe).
On my calculations, the oil and gas breakdowns are estimates based on company released info of oil ratio.
Cheers, Knackered
Penny stock with the 600K MD, page-14
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