I think this sums up a company where the value has steadily been eroded since the bungling fiasco in 2010 where it drilled dry holes off shore in NZ. Let us not talk about accurate geo science.
The board should have been removed years ago.
A take over is the only sensible end to this dog stock.
I like to think the company has been cleaning up the diverse mix of hydrocarbon resources to become a straight gas company ready for sale.
This might be a neat fit for a larger and better run company.
The contempt the directors have shown toward the shareholders is inexcusable. Turning down previous Take Over offers at a whim.
Only to see the company value slump. And how any investor can determine a truthful value statement of resources from the company is confounding.
Next time a take over pops up, lets hope the offering company proceeds far enough with an offer document ... so hot, that shareholders can accept the offer. And then shovel the directors out the back door.
Anyway, the price is now so low that a take over is most probable.
Equally, it would gravely wrong of the board to assume that shareholders or any other investors would stump up the massive amount of cash required for the Santos AWE venture in Indonesia.
AWE Price at posting:
51.5¢ Sentiment: None Disclosure: Held
