Originally Posted by
BigBob
That's the risk of oil exploration. But to say that the exploration failure so far this year warrants a $180m write-off in value to less than NTA is ludicrous. Sure it’s been disappointing, but it’s not like the company has suddenly lost all revenue. It is still pumping oil and gas and will continue to do so for the next 20 years regardless of any exploration success.
The main bit of bad news is the revised production figures from TUI for next year, but isn’t actually that bad (if you take a longer term view) and it barely affected the SP.
Bring on a share buy back I say!