For me its a punt on the economics of OEL's projects improving, either through higher POO, and/or lower input costs. At current POO (USD37/brl) and input costs, I doubt any of their projects would ever create shareholder wealth.
On a company specific basis, management have made some good moves over the last 18 months. The only misstep, imo, seems to be the Alaska entry.
As Nammuldi suggested, OEL are a bit stretched financially at the moment. All the cash is committed over the next 18 months.
I think this will be remedied with a Tanzania farmout ie, farmout Kito for Q3 drilling, hopefully with backcosts reimbursement, and sell/defer/relinquish Pangali.
Car27, good discipline getting out of CVN......
For me its a punt on the economics of OEL's projects improving,...
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Last
1.2¢ |
Change
-0.001(7.69%) |
Mkt cap ! $52.74M | |||
| Open | High | Low | Value | Volume |
| 1.1¢ | 1.3¢ | 1.1¢ | $45.96K | 3.861M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 3984288 | 1.2¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 1.3¢ | 17239875 | 22 |
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| Last trade - 12.09pm 15/08/2024 (20 minute delay) ? |
| OEL (ASX) Chart |