Raymond James: "Cash and receivables total $173 million, plus the undrawn $300 million credit facility, leaving the company well positioned to get to resource certification. The 2016 capital budget of $175-195 million is down y/y, and corporate costs are also being reduced significantly."
Morgan Stanley: "CAPEX REDUCED IN 2016; WE SEE LOW LIQUIDITY RISK." ... We estimate operating cash burn in 2016 at $190-220MM. IOC also has a (approx.) $70MM convertible note coming due this month. Total cash outflow should be comfortably covered by current liquidity of $126MM cash ($8MM restricted) and an undrawn credit facility of $300MM. Balance sheet could be further fortified with proceeds from potential farmdowns of IOC's three recent discoveries: Triceratops (1Tcfe P50), Bobcat (1.5Tcfe P50), and Raptor (5.5Tcfe P50)."
Morgan Stanley: "CAPEX REDUCED IN 2016; WE SEE LOW LIQUIDITY RISK." ... We estimate operating cash burn in 2016 at $190-220MM. IOC also has a (approx.) $70MM convertible note coming due this month. Total cash outflow should be comfortably covered by current liquidity of $126MM cash ($8MM restricted) and an undrawn credit facility of $300MM. Balance sheet could be further fortified with proceeds from potential farmdowns of IOC's three recent discoveries: Triceratops (1Tcfe P50), Bobcat (1.5Tcfe P50), and Raptor (5.5Tcfe P50)."