Most definitely no cash. The company is cash poor.
The east aussie gas market is the weakest it has ever been. Customers are refusing to sign contracts, and there is a massive hole in contracts going forward.
The companies gas reserves have recently increased which means they will have to fork out even more money to develop them.
The company is majority owned by the.top 20 which means we have no say in any outcomes.
The intetested party recently closed a sale with a nearby player. Clearly indicates they are not interested in us and have wasted months and months sitting at the table waiting for dinner time.
The companies production has been in trouble for some time with massive declines on old wells, so much do they have had to invest time and money on improving flows and production efficiencies in new wells.
;)
I guss it really depends on your perspective doesn't it!
SF
WCL Price at posting:
39.5¢ Sentiment: Buy Disclosure: Held
