Ann: 2018 AGM addresses and presentation, page-58

Another 8% drop on POO on Fri night, think that’s about the 3rd such drop recently - nasty! I might have to add some more if BPT goes lower this week. I’m certain it just forces Saud/OPEC hands and they must overreact with production cuts on Dec 6th. The Sauds have looked weak and a vassal of the US in public over Khashoggi’s dismembering, dissection and dissolving (can’t think why) and they surely can’t continue such abject humiliation.
BPT AGM re-iterated the intention to persue an acquisition path this week. Might just be the right time to jump in if POO is putting in a bottom these next few weeks. Any ideas? I mean, BPT should really be considering every single Australia O&G asset that comes up for grabs in next 12m.
I’m sure you know I’m a big Buru holder. This isn’t a cross ramp, because the last thing I want is anyone taking them out on the cheap! Media is reporting inside Labor Govt sources today confirming the Fracking Moratorium will be lifted in the North and everywhere other than metropolitan and agricultural areas in the SW (entirely as expected.) I would guess BPT must already have run the books over BRU earlier this year when they farmed out their oil assets (in the end to ROC), so I am fairly sure they would be in the hunt for their unstranded Gas assets now. BRU MC has sunk to $99m (with $64m cash in bank and a $20m drilling free carry from ROC) so as a holder I’m concerned it’s better value for some big bad boy to take the whole company than come up with say $200m for a gas farm-in. I’m sure BPT would consider either option compelling value - but so will many others.
I guess the other glaring option, if they become cheap enough is SXY (who I sold most of at 50c recently, retained a few though) - but we’ve been saying that for years!