C'mon & all, I think for all of us the 2 dominant issues are 1/...

C'mon & all, I think for all of us the 2 dominant issues are 1/ Lack of investor interest in the sector (this can be clearly seen in the XEJ chart) and 2/ The large drop in oil price which has meant most companies have had to adjust their core plans which were based on a higher price - that is a huge challenge for all companies and I believe the issues you raise are real considerations and apply across the board and particularly those with debt. Imo the sector has been on a downer for a few years. These two issues then influence and combine with company specific issues and imo no matter what we think could happen in the future the detail we have based our opinion on will more than likely be incorrect. It may be accurate today with what we have but things change and unless we adapt our thinking and challenge our individual views we will be confidently wrong.

Some thoughts on the Debt are that for the reserve base used when drawn amount was taken to $19m was $39.4m as per the recent presentation. The $50m was based on the higher price and whilst a guide to future if OP picks up would resort back to the $25m maximum limit that was already in place. 80% of the $25m gives $20m and that imo is why they went to $19m which has small margin of safety. As a check I did my own NPV10 on the production base allowing for decline, $55 OP, $13 BD and $20 prodn cost and I get $35.6m which is close but probably not correct.

Had the OP stayed around $85 things would be good imo. I believe comments on mgt performance over time should take that into consideration. That is my opinion only. The fact that price is sub $50 is another issue as is how mgt respond.

For me, like you I enjoy playing around with numbers and looking at O&G stocks, I don't care about SP or what other people do with their money, only what I do and am here to improve my understanding, posting gives an opportunity to be challenged and highlights things I may have overlooked. I like SSN and I think mgt have done a good job to get to this point, the technical detail in announcements is very good and helps to understand O&G more broadly. If I a wrong I will change my opinion and that occurs often as new information becomes available.
Cheers & GLTA