Spot valuation 22c, page-39

so...you want fewer shares as a result of the buyback,and then 10 shares become one share consolidation, then sell,as your exit strategy?don't understand what you'd achieve...anyone looking to buy this stock irrespective of the market price,will look at reserves and the prospect of reserve increases.....I, for one ,do not want to be a part of the management making acquisitions in this market.....,so i see the flaw.
"the capital refund,no acquisition and diminish management" path, maximizes the reserves extraction,and none have to sell to reap the benefits of the reserves...plus,this would be far more appealing to larger holdings to pressure management, to that course.