For some reason I can't download it however finally found one that I could read.
On the report it looks like the hedging (not being being realized) may have contributed to the covenant breach so something to watch for December particularly if any more hedging is used. I think it would have made a difference as would another small repayment as there is cash in the bank available. The interest ratio breach was a new one and also the hedging would help there I guess.
Otherwise I thought the report was okay, particularly wrt and in context of the realised pricing and overall environment. I'm pleased to see the capex plans are low and as you know I wouldn't have been drilling due to the NS production so for those that are/were happy to drill these are the risks if not successful. I understand why it was done though and if successful may have given everyone a small +ve in an otherwise gloomy space .
Costs look okay and certainly better than the predictions in the press, they are improving each quarter in both actual $ and $ per boe, ideally this can continue and will need to if a small surplus is to be generated for future growth.
I would like to see some more narrative on the NS results, maybe in a ops report or one off briefing, I think there is a good story here however NS hasn't really had much airtime and gets lost in the future plans. The core business foundation for now imo is based on those 23 wells so important that their contribution is fully understood, particularly if they are production limited in some way which makes all the difference in the analysis and EV calcs.
The banks have most likely got bigger problems than SSN at the moment however the breaches could create uncertainty and a better narrative would help and I think this issue is something to keep an eye on.
Biggest downside for me has been the vote which has created uncertainty and until that is resolved that remains a potential risk and doesn't appear to have achieved very much to date imo.
That's all until I can get the report like normal as I'm set in my ways and takes too long to change things now for a one off computer glitch.
I'll look forward to further discussion, hopefully more people can give an insight bad or good on what they thought, every bit helps and we always miss something.
Cheers & GLTA
SSN Price at posting:
0.5¢ Sentiment: Hold Disclosure: Held
