Banter &general comments, page-2

This thing is a cash machine.

I am not sure why it flies so far below the radar. I guess the jurisdictions are a concern for some. For me this is not an issue in China with CNOOC as operator there. It seems like O&G has less of a target on its back in New Zealand now but Maari does needs to get its permit extension still.

The 2P reserves are low, but clearly they have shown an ability to replace them at Block 22/12 and Maari's slow decline rate is well publicized in their presentations, again not a concern for me.

Mereenie may not have been the acquisition everyone was hoping for, but there is something to be said for the discipline shown by it. They did not want to over spend on an asset and effect shareholder returns. In a world where debt for junior oil companies isnt always easy to come by they bought a stake in project from a bank, who in turn gave them the facility. No destroying the balance sheet or issuing equity. I can live with this.

This stock has been one of the easiest stocks in my portfolio to own and I look forward to many more juicy dividends.