I think the reasons for not doing a share buyback is that the company believes it can unlock better value with its money in developing its current oil/gas holdings. If it got to the stage where they had no great prospects then a share buyback might be alright but there's so much development and exploration to be done with their current tenements it's just not feasible.
Sure, their P/B ratio is only about 0.6 at the moment, so they're definately trading well below NTA, but if you can get a 300% return on developing your prospects and 200% buying back your own shares, you'll get better value out of developing your prospects, and who knows, you might find an oil field elephant - like in Tanzania - the oil is seeping out of the lake for gods sake, we just have to find the kitchen and milk it for all it's worth :)
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$1.22 |
Change
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Mkt cap ! $2.771B |
Open | High | Low | Value | Volume |
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Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 8124 | $1.21 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$1.22 | 150856 | 5 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 8124 | 1.210 |
11 | 172203 | 1.205 |
52 | 804482 | 1.200 |
11 | 133946 | 1.195 |
16 | 137713 | 1.190 |
Price($) | Vol. | No. |
---|---|---|
1.220 | 150856 | 5 |
1.225 | 84718 | 4 |
1.230 | 163548 | 4 |
1.235 | 27039 | 1 |
1.240 | 72313 | 3 |
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