Oversold, company is reopening for business, costs reduces, CFO to be made redundant & Group Financial Controller will adopt the responsibility, saving on a large long term salary and pension. Hopefully, they'll adopt a better hedging strategy long term to deal with drops in oil & gas prices.
Potential yield of 15% for dividend. Debt is being clear via asset sale, so less ongoing expenses. Oil prices are rising with brent rising from $20 to $35 now. $40 expected in 1yr time according to futures contracts, but it could easily rise to above $50 quite quickly as lockdowns end & demand rises for international shipping. The operating costs are only $10/bbl which is $30 cheaper than WTI costs. Book price is 50p, share price is 25p. Undervalued & oversold.
ALL SELLS. ASSETS REDUCED DUE BY Â£83M WRITE OFF CARRIED OVER YEARS 2018+19, LEADING TO NEGATIVE 41p EPS. ECONOMY IS FALLING APART. OIL COLLAPSED BELOW BREAKEVEN. MASSIVE DEBT BURDEN IN CORP BONDS ISSUED (CONVERTIBLE TO 50M+ SHARES => DILUTION RISK).