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......
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