Hi Folks,
Cone of silence appears to've descended upon BOW.
Looking at BOW,AOE and ESG with todays reserves increase for ESG pricing seems pretty much on par to me on the following basis:
3P at 20c/GJ
2P at an extra 30c/GJ
Cash plus producing assets
That leaves us to consider:
*Quality/margins of certified resource
*Management
*Remaining potential
I guess a forward thinker might look at projections of where the three might be in 12 months with their 2P and 3P, but imho the market is currently being pretty fair, if not rational? and even if being a cheap skate?
I like BOW, I also like AOE. Have never really got into ESG as I have yet to see anything that would make it compellingly better than AOE or BOW, still can't.
I believe the era of high 3P valuations is over, with these either being matured to 2P or not being worth much, or in the hands of second rate management. Believed this for some time.
Contrary thoughts welcome, I am preparing to try to make my next major csg decision.
EL
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