SNDE 2019 10K (Annual Report) Released, page-8

Need to go through the report properly.

But from a glance, my initial thoughts were it's actually quite positive.

• 10% increase in 1P reserves
• Clarity around capex ($40M coming from cash flows)
• Clarity that we still have undrawn amount on Revolver facility (So if this were reduced, we already have that buffer)
• Waivers to covenants
• And importantly clearly states we have 7m shares (not however many the analysts think we have because they confused themselves over the consolidation)

I wouldn't be surprised if we saw a big jump in share price. Market thinks we are dead, we definitely have more than a heartbeat.

Freddy F, not sure you can compare the price pre and post redom, and attribute it to the redomiciliation given the black swan event is the reason for the share price weakness which would have applied even if we had remained on the ASX. For me, it's now impossible to know whether that had any benefit whatsoever especially given ch11 implications.

For me, if oil demand can keep growing (will be watching that EIA report on Weds), I think we will keep pushing to $40, which starts changing the ball game for us.

If people start substituting public transport for driving themselves in, suddenly that demand equation changes the other way. Lots of ifs and unknowns but I think we've seen the trough of oil price and demand destruction, so can only get better from here....

Be interesting to see how the market reads this report tonight