"As at the reporting date the Consolidated Entity is in breach of its covenants with the Mutual of Omaha Bank (the “Bank”), resulting in borrowings payable of $23,264,767 being classified as current liabilities (Note 13). Samson is currently negotiating with the Mutual of Omaha Bank in an effort to obtain a waiver for the breach. As at the date of this report, no waiver has been received;"
"Samson has recently engaged a financial advisor in connection with the proposed private placement of up to USD$40 million, or such other amount as may be agreed in writing between the parties, of debt or equity linked debt securities."
"AS AT 30 JUNE 2017 the CONSOLIDATED ENTITY was IN BREACH of its EARNINGS and LIQUIDITY COVENANTS"
That is far more serious than the serial breaches of G&A covenant.
That executives and directors pocket $2.3M to produce 300,000 barrels of oil ... or $8/Bbl .... or 16% of the WTI index or say 20% of Bakken crude index ....... or best not say any more.
RETIRE now. Shame its not the oiler apprentice show ... you the drill (haha pun intended) .... You're (fill in the blank)!
BTW - They are out of working capital which is why nothing is getting done IMO.
SSN Price at posting:
0.3¢ Sentiment: Hold Disclosure: Held
