RE:RE:RE:RE:Who’s going to buy Gear. Surge passed on itSurge stated they passed on Gear for "technical reasons" and "asset quality". IOW, high cost and low recovery for their asset fit.Their asset fit is admitedly first tier so Surge passing on Gear is not unexpected but it does demonstrate that the low SP is not just 'manipulation'.
While there may be quite a lot of cash sloshing about in the oil sector, that does not infer that any first tier producer will be throwing it at Gear. That said, there is no reason why Gear can't complete a business arrangement that makes it more efficient via a merger or disposal/ acquisition of assets or any business arrangement the Board considers appropriate.
What this process is telling shareholders is that Gear's present constitution is not sustainable in the current market reality. After the uphoria of 2022 prices proved unsustainable, Gear must reformulate itsself for the volatility of the future, guding for a low price environment with a balance sheet capable of executing on high price oil opportunities.
Returning cash to shareholders makes little sense until this transformation is complete.