Umiat has been a budgeted expense of $35m a quarter for the last two quarters, and $20m the quarter before that. Moreover the forecasts for this quarter show a 'NET' spend of $4,897,000 - that means the Company will spend $32.4m on Umiat again this quarter, and that's not the end of it. One failed well has so far cost the better part of $95m, not $35m.
So the answer to your question of who could complain is me! Umiat is absolutely killing the balance-sheet, and for what? The company is cash positive EVERY quarter without Umiat.
LNC Price at posting:
$1.80 Sentiment: None Disclosure: Held
