RE:RE:RE:RE:Bad newsSpent the last day or so , thinking about why the price doesn't reflect the business prospects and the cash on the books.
Maybe it's the lack of nalyst coverage?
It could be fear that oil and natural prices fall - exploration is a cyclical thing.
We appear to be in a multi year upccyle based on all the evidence - like Shawcor's pipeline coating awards.
Another fear could be technological obsolescence . High Arctic's drill rigs are not new.
in North Amwerica , the drilling market is an arm's race where newer rigs command higher prices. I don't think they would be reactivating inadequate rigs but if a competitor entered the market - Google says "A standard land rig with 1,500 to 1,700 horsepower will cost between $14 million and $25 million to own. " May 31, 2022
A fouth fear is sovereign risk - PNG scares people.
Can anybody think of any other reasons?