Its all about the high depletion rates and declining 2P reserves.
You can clearly see from the chart at the top of this thread that production is expected to continue declining.
The company has cleverly worded in presentations that they will maintain 2P reserves but the market knows the only way they can do that is through expensive aquitions and not through internal growth via capital spend.
They will replace some of the 2P reserves from successful drilling but I think the number will still drop from last years reported figure.
I will consider re entering below 60 cents but as its tax loss selling time I think it could get sold down to the mid 50's.
Auction heats up, page-19
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Last
$1.49 |
Change
0.015(1.02%) |
Mkt cap ! $3.399B | |||
| Open | High | Low | Value | Volume |
| $1.48 | $1.51 | $1.47 | $9.879M | 6.634M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 7 | 119980 | $1.49 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.50 | 67389 | 1 |
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| Last trade - 16.10pm 28/06/2024 (20 minute delay) ? |
| BPT (ASX) Chart |