I ascribe to the theory that POO will eventually find an...

I ascribe to the theory that POO will eventually find an equilibrium to reflect the new production from Shale etc, and that price is higher than USD40/brl.
Various pundits are targeting around USD50 brl for WTI by year end.

HZN have around 10 months of breathing space, between now and when the hedging runs out June 2016.
In that time, I would hope they can sell/farmout the PNG assets and significantly reduce their net debt.
If they dont reduce the debt in a big way before June 2016, I wonder if ANZ would require them to take out new hedging contracts ?
That could be nasty if they're forced to lockin hedging at cyclical low oil prices.

Not sure where the HZN management/board sit regarding divestment of PNG assets. Perhaps hanging in there was a good idea at $100/brl.
With debt ran up to excessively high levels (from incorrectly assuming POO would stay at $100/brl) they haven't much choice in the matter, imo

Hope of a corporate action, takeover/merger//farmout/asset sale is the only reason to hold this stock as far as I can see.