News: HY2015 - Half year results update, page-8

Well you better wish so because in the last half they got $105.40 for their oil and their cash pile went backwards. Also if they maintain their underlying profit at same rate as the last half ($64.8 million annualised) it will take them 2.3 years (28 months) to extinguish their ~$150 million of borrowings. Even you use the stronger full year result from 2014 of ($96.4 million) it will take them close to 1.6 years (19 months) to extinguish their borrowing and this is off the back of averaged realised oil prices of ~$120.

DLS's debt matures in Sept 2018 (43 months). If the oil price stays low until the end of 2016 as I'm predicting based on hedging and debt maturities in the US shale oil patch, then you will only have 19 months of catch up with higher oil prices (of $120) and that will still leave zero cash in September 2018.

Eshmun