Falling oil prices and COVID-19 combine to form a perfect storm for small exploration and production (E&P) companies
Costs per barrel and accumulated liquidity can help identify more resilient companies
We downgrade GENLLN to Hold, SNMCN to Sell and reiterate Hold on DNONO, GULFKY and HKNENG
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
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