hi muf, IMO it would be unusual for a company to trade above its...

hi muf,

IMO it would be unusual for a company to trade above its cash value unless it had some asset just waiting to be developed to earn a return that reflects the risk. Since I don't believe SSN has such assets, I'm expecting it to trade at a discount.

Were SSN to realize such a price/profit I would be a seller and exit SSN (forever - music to the ears of a few I'm sure). In this commodity price world (say $40 - $60) I think the minimum scale needs to be around 10,000 boepd as fixed cost overheads (G&A and Finance) take a too big a chunk of operating cash.

I don't that TB would simply pull up stumps and go home ... the times have been interesting ever since the Saudi prince uttered his opinion of not seeing $100 oil again. ZIRP policy made shale possible. Technology has kept it in the game. Rocks matter. Location matters more. IF there is a rabbit I suspect it will be a small one.

Hopeful for all shareholders that we get what is needed.