operating profit as expected, capex higher than expected
the forecast q4 operating profit is optimistic based on current prices, and history tells us they're underestimating capex again so i expect q4 will just break even.
overall it's not great in my opinion. forecast annual 35m capex just to maintain production (I am taking the upper end of their estimate because they can't be trusted) and currently tracking at a run rate of a$40m gross operating profit with today's prices, so A$5m net cash flow per year with what's left over. there are far cheaper O&G plays out there.
I stay interested for montney only. I want to see action not words.
operating profit as expected, capex higher than expectedthe...
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