back to the future

I was reading some AWE Analyst Reports from 5 years ago to see where the company had come from. The main drivers included:

a) Reserves of half of today,
b) A forecast oil price of US$35 per barrel.

The share price was the same as today's (I know there have been shares issued) but this company is miles ahead of where it was and the share price will come back to reflect reality.

I think increasing the stake in BASS Gas and the takeover of ADI is prudently spending money on future cash-flow deriving assets rather than banking exclusively on exploration drilling. Also, the general view is that AWE do not overpay for assets and have very conservative acquisition criteria.

The short-term may not be great but the $2-$3 price range will come back before we know it. In the short-term a good bottle of scotch may help.