I first started buying AZZ at 6cts when JC took over some years...

I first started buying AZZ at 6cts when JC took over some years ago & they are my biggest holding & one of most successful

JC financial management has been brilliant - shares issued at premium to market - buy backs this year alone profit of $4m to shhs - redemption of convertibles nat handy discount - bank loans arranged at ard 4 % the envy of peers.

Azz run a very tight ship. Compare -

Azz - m. cap $127 m . 4 dir. total man remun. $2.1m incl in
gen & admin total $5.1m

COE - m cap $155m 6 dir total man. remun $ 4.2 m incl. in
gen & admin. $ 12m.

JPR - m cap. $58m. 6 dir. total man remun $1.3m plus consulting & dir fees $0.5m incl. in
gen & admin $ 4.5m

Re "...spend $ 26m on less than 6 wells.."

I see that the $26m was "...exploration , development , evaluation ..." and correct me if I am wrong butm would included maintenance on the over 50 producing wells pls exploration on the 3 extensive projects.

I believe that the " commitments " was a typo & should have been laelled "targets "
High targets are great & necessary & show positive thinking.

Lone Star were buying at ard. 40cts & so was I & many others as the shares were & are underpriced & a bargain.Lone Star appear to be short term traders who see the value in AZZ & want to cash in..
Seems to me that for longer term holders ther is greater value in holding on & watching your near neighbours & learning from their mistakes & successes & the general evolving improvements in drilling of shales.

I last bought JPR in Dec 2010 at 54cts & dumped them several weeks later at 47 c ( adj. fir 1/15 consol. ) because sovereign risk/ fiscal regime / stockanalysis advice ) I believe that the are nnow at 40cts.

Ric.