Up&go, the "reason" for the selling is: 1. assets: aneth - circa...

Up&go,

the "reason" for the selling is:

1. assets:
aneth - circa 200-220m in "value"
small gas asset - circa 20-25m
grieve - potentially 70-100m

2. they have been "waiting" for cica 9-months - basically hoping that grieve would get to 5-6000 bopd so that there is sufficient asset coverage to refi the debt .....

however - grieve has underperformed, and the c/flows have been eaten up in servicing both the debt and preff equity......

no-one in their right mind would tip in additional equity UNTIL the preffs are extinguished .........

how this plays out is anyones guess .......

very high risk (due to management putting too much debt into the capital structure)........

assets have upside .......

rgds
V_H