Ann: 2015 Full-Year Results Presentation, page-2

Like its peers, DLS has to take some hits with its reserves, almost totally because of BPTs J/V wet gas.
The positives reserve wise, is the Western Flank oil now has at least 4 more years of production at 2.5mmbo net to DLS. That does not include the many wet gas fields that have been recently discovered which will be brought online over the coming 12 months at little cost to DLS due to STOs free carry.

Very excited about the next drilling campaign, which looks to start any day now with PEL 570.
As can be seen from the preso, DLS is basically doing zero work on the ground (that they have to pay for) so as to bolster their cash balance. As I have posted before, I expect to see them add a minimum of $20 million this quarter which should ensure that their E/V is neutral as compared to the Convertible notes debt (which I again state is not due until Sept 2018, by which time I am very confident that the price of oil will be a lot higher, but even if its now, DLS has the cash to pay them out!).

Lots of high impact drilling to come. Plus as show, Capex of $80-110 which includes all costs, G&A, G&G and seismic. So without a doubt, due the hedging, DLS will come out of the year with no net debt, 20+ wells drilled (upto 15 of them being exploration) and hopefully more reserves. It also does not include all the free carry's DLS will have which I estimate to be approx $50-100 million.



Cannot deny its frustrating to not be able to enter the stock for the first time now, but... thems the breaks.