I progressively drew similiar conclusions a few months back. Hoped to get out on good news, or to revise to a more positive view, but ended up getting my last out pretty close to the low last week.
I think there is some potential in the exploration, perhaps in the heavy oil, but too many uncertainties for me, and as with so many ASX oilers in the USA, the ongoing CAPEX and admin costs tend to get glossed over. They all present their stories at the EBITDAX level - it's the DAX that hurts. Not sure we"ll ever have to worry about the T.
I can see better/more tangible value elsewhere - taken my losses, but good luck to those that hold as I like the business model and approach taken. Perhaps best for those that better understand heavy oil production and/or the geology of the area.
EL
SAE Price at posting:
0.0¢ Sentiment: Sell Disclosure: Not Held
