nothing changed

Gents

it occurs to me that nothing has changed for PPP other than we the shareholders have $$ in pocket. The Co is still in very good position with $70m in bank and a producer. Many other oilers would be envious.

However the motive for such a cap return was outlined in Nov 9 2011 by the board - price below cash backing because paucity of deal flow, wild markets, lack of drilling activity and not being able to secure good acquistions.

Well here we are - nothing different share price at asset backing. some will say well we have Vietnam and hopefully Tui drilling to come - they were always going to happen regardless of Cap return.

so what was the point - we are still in same position.

as i indicated in a post sometime back - a annual dividend based on profit from production is the normal way of distributing to shareholders but keeping enough cash for drilling/deals etc.

Once you keep doing this the market will rate you based on your earnings per share and so PPP would have been at least 20c if paying a 2c annual dividend for example - that is 10% return and possibly up to 40c for a 5% return.

Institutions would flock to a 10% return!!!!! so we would have a healthy price.

As far as deal flows etc etc THAT is the boards and managements duty - seems to be plenty other small aussie Cos have managed to get into good and interesting areas!! ie far pcl jka in africa, some in USA etc etc.

not sure what has been achieved here other than a very healthy return to ALL shareholders on a dubious reason which has not changed!!.