Keep in mind that fossil fuel companies cannot borrow from Australian banks. The NZ purchase was between partners and not representative of what can be bought for $17m. Horizon can afford prospective tenements and nothing in production and profitable for less than $50m. The company's reserves are running low and it does not have the cash to replenish. It can accumulate but management costs are high and erode savings. Frankly I see a re rate ahead down to a MC about $20 m lower than now. Hope I'm wrong but I can't see a positive future beyond treading water paying management and a slow death.
Ann: Sale of PNG Interests, page-46
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