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RBLs — When Two Black Swans Collide

A black swan event is an unpredictable occurrence that is beyond what is normally expected and that has potentially severe consequences. Black swan events are characterised by their rareness and severity.

Independent exploration and production oil and gas companies (E&P companies) are currently reeling from not one, but two, black swan events. First, the collapse in oil prices which, at the time of writing have fallen to around one-third of the level at which they started the year. Second, the impact of COVID-19, both directly and indirectly, on their businesses.

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