It can't be the case that AED is more leveraged to the oil price than NWE.
If the oil price jumps x%, then NWE's royalty jumps x%, and AED's profit jumps xy% where y is the gross margin % on the oil. (ie poo - extraction costs). ie, y < 1.
NWE starting to seriously lag AED now. Look at the 6 month charts. NWE due for a significant step up. May coincide with the first royalty cheque. No doubt there'll be an announcement for that.
h.
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It can't be the case that AED is more leveraged to the oil price...
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