This will never get back to $15 now IMO, certainly not in the...

This will never get back to $15 now IMO, certainly not in the next decade. You have to remember that there has been a massively dilutive capital raising since the days of a $15 share price. This horrendously wasteful cap raise permanently destroyed shareholder value so now even if it gets back to the same market cap it was at previously, there are now many more shares on the books so the SP will be much lower.

So you can't look at past instances where the SP was trading at $15 as a guide to future performance. Those days are gone. To get back to $15 SP now would require an almost $30B market cap, as opposed to the $15B market cap it had the last time the SP was $15.

At a PE ratio of 15 they would need to be posting a $2B NPAT to justify a $15 share price. And since they have sold off a bunch of their best assets they would have to do it from a smaller asset base. Underlying profit from continuing operations this FY was only $354M, and last FY it was $603M, so they are a long way from $15.

There is value here definitely but nobody should delude themselves about the damage done by the board's inaction during the oil crash until it was too late.

If oil prices recover, $8 is within reach, maybe $10.