Ann: Quarterly Investor Update, page-3

4th quarter 2023 was always an outlier. Never expected a repeat in 2024.

Considering the marked decrease in utilised rigs (there's around 20 rigs idle) I'd hope that growth capex will be muted this year. No point buying shiny new toys when a good number are sitting in the shed.There's good scope to sweat their assets harder via equipment (increasing utilisation) and people (shifts). There's operational fat in the business which augers well for FY2025. It's still generating great cashflow.....enough to pay out more than the guided 2c every 6 months (I'm hoping for a surprise kicker of 2.4-2.5c at the AGM...the company can easily afford it) and fund a very decent buy-back (perhaps 6-7% of issued equity) going forward. All things equal that should still see them with a small healthy bank balance in a years time. That might push the share price to where it should be....with a 60's handle on it