musings on the agm, page-11

I can't help but be inclined to agree with dargie on this one at the moment.

If they want to find an oil play that they can get for 50c in the $1 they need to look no further than their own company. If they do a buyback at 25c they are pretty close to that.

They need to do better than 50c in $1 on any purchases to justify that over a buyback imo.

But it is good to hear that they are taking a conservative approach. It would be nice to see them amplify the volume of their production reserves by an order of magnitude out of the exercise to step them up to the next level. If they manage to achieve this, then when the oil price finds its feet again the upward swing in price could be pretty spectacular.

It would also be nice to see a reserve level that allows them to pay a sustainable and significant dividend.

But a buyback is the easiest way to get a good return on capital at the moment.