Good buy, maybe Good bye...
Was having another look at the half yearly and noted in the notes (11 I believe, on page 19) that OEL's share of the liabilities of GPC is around $60 million... Yes GPC has assets but should the GPC investment be sitting on OEL's books at $49million (intangible) plus the $21million (plus whatever proportion of the FX gain is attributable).
Best guess is 18.3% of GPC is on the books at around $74 million and this is an asset that has internal debt of $60 million...
Total for 18.3% is $134million, on 100% basis $732million.
In $US = $US475million. In $US/2P bbl = $40/bbl. Add Operating Cost = $55/bbl.
So to justify OEL's balance sheet values they need to be selling oil at $55/bbl - If that does not ring alarm bells...
p1000
good buy at 2-3c? , page-16
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