I think the reasons for not doing a share buyback is that the company believes it can unlock better value with its money in developing its current oil/gas holdings. If it got to the stage where they had no great prospects then a share buyback might be alright but there's so much development and exploration to be done with their current tenements it's just not feasible.
Sure, their P/B ratio is only about 0.6 at the moment, so they're definately trading well below NTA, but if you can get a 300% return on developing your prospects and 200% buying back your own shares, you'll get better value out of developing your prospects, and who knows, you might find an oil field elephant - like in Tanzania - the oil is seeping out of the lake for gods sake, we just have to find the kitchen and milk it for all it's worth :)
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$1.27 |
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Mkt cap ! $2.948B |
Open | High | Low | Value | Volume |
$1.30 | $1.30 | $1.27 | $4.609M | 3.572M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
22 | 141690 | $1.27 |
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Price($) | Vol. | No. |
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$1.28 | 116215 | 29 |
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No. | Vol. | Price($) |
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16 | 72914 | 1.275 |
27 | 322618 | 1.270 |
18 | 253029 | 1.265 |
17 | 472577 | 1.260 |
11 | 92634 | 1.255 |
Price($) | Vol. | No. |
---|---|---|
1.280 | 152670 | 30 |
1.285 | 279451 | 25 |
1.290 | 288766 | 25 |
1.295 | 419914 | 23 |
1.300 | 293008 | 24 |
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