"I like oil and, I have explained the reason for this. I still...

"I like oil and, I have explained the reason for this. I still think there is an upside to oil.
Why do you like CE1? It has no earnings and has debt. "

The last financial result includes a meaningful impairment charge which is presumably non-recurring given the dramatic improvement in oil & gas industry economics since the last balance date. So it doesn't have no earnings.

But even if you adjust for that impairment, it is also under-earning currently because of a legacy hedge position, which is largely run-off.

And it also carries a large depreciation charge, which is a function of legacy capital investment in the business.

So it might not have much in the way of accounting earnings, it certainly has a lot of cash earnings (at the current oil price the cash earnings are probably close to half of the enterprise value of the company.)

And then there's the latent value in the form of a substantial gas reserve base, which under active consideration in terms of how to best bring it to account (either by selling it, or developing it - either alone or in conjunction with a partner).

.