They would have been better off targeting someone like TAP.
Cashflow positive, no debt, $60m cash on hand, fixed long term gas contracts in place, a plethora of upcoming drilling (all fully funded), Brunei currently drilling, WA-290-P (Zola) being drilled next month by Apache, WA-351-P gas drill with BHP operating, Ghana exploration, Philippines exploration permit in the Sulu within 10km of Exxon's jackpot hit, Bass Gas prospect, the list goes on...
They could have got all of this and more for $200m in a takeover scenario.
What have AWE management been smoking?
Cheers
AWE Price at posting:
$1.52 Sentiment: None Disclosure: Not Held
