04-07-2016, 02:03 PM
'bdahl385' pid='68057' datel Wrote:Until IOC gets certification payment amount and date from Total on E/A, and/or until the US$300m credit facility is increased and/or repayment moved further out, and / or new monetization deals from BRT materialize - I would argue IOC is very stressed financially. By mid year 2016, the $300m will be fully drawn and probably $200m or more already spent. IOC must repay this loan by year end, so where does IOC get the cash for the $300m payback + interest ??? This is why Dr. Pink Shirt has had to slash spending and there is no talk of Antelope South drilling and not wanting to approve A7 drilling. Phil M sees this and is why he wants shareholder approval over any further asset sales, more drastic personnel cutbacks, among other things.
So, if one accepts your argument that IOC is financially stressed, how does a possible restriction on asset sales help the cause?. Looking at the last financial statements, what kinds of cuts where will get the job done? G&A is only about $40 million.