I agree with you, most global oil companies wouldn't buy BURU right now for the reason you say and also they are not generating the cash for such a play.
But Andrew Forest isn't an oil company, he an extremely wealth individual.
His personal dividend stream from FMG for the last six months paid in August 26 was AUD 124.5 million.
So for him to offer $100 million cash is less than half his annual cash flow.
Thus I think it's a strong possibility he might have s go for BURU.
As he not going to get all that Canning land via the SPA-AO route.
I agree with you, most global oil companies wouldn't buy BURU...
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Last
8.7¢ |
Change
-0.001(1.14%) |
Mkt cap ! $58.40M | |||
| Open | High | Low | Value | Volume |
| 8.8¢ | 8.8¢ | 8.7¢ | $19.60K | 223.0K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 225558 | 8.7¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 8.8¢ | 743622 | 1 |
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| Last trade - 16.10pm 19/06/2024 (20 minute delay) ? |
| BRU (ASX) Chart |