In regard to P/E's which is a very valid point and your question on where is the next Tui which is even more pertinent, the following things should be considered.
Regardless of the projected decline in their currently held producing assets, which is to be expected with any oil/gas field, they will have so much cash at a time when "Cash Is King", that they will be a formidable force in the lower end of the M&A's (unless of course they get swallowed up beforehand).
In a very short time AWE will have the ability to swallow in a couple of gulps the other mid-sized oil producers that are trading at little if any premium to their "real assets".
Like it or not, accept it or reject it. The world is inextricably tied to Oil. The dependence on liquid hydrocarbons is not going to go away for quite some time to come. There is no quick fix and those pathetic statements like "taking a blowtorch to OPEC" and "alternative forms of green energy" and my favourite "similarities with the Dutch Tulip Bubble" (since when did anyone need tulips for cooking, transport, food production jobs etc etc etc) only underlines the ignorance that seems to be deeply entrenched in such a huge proportion of commentators.
Oil could drop US$30 in a blink (on the futures market), but even if it did, it is still at a very profitable level for AWE. But we all know if that happens then the oil sector gets slaughtered. Cash is still king and that counts in times of little liquidity and seriously undervalued assets.
The trick for AWE is not to get eaten before it does the eating.
MI
For the record I do not currently hold AWE as my interest is indirect via ARQ.
AWE Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
