CommentaryAt this juncture, management should consider selling the entire company. Put it "on the block" as it were and see if we get any offers. Evidently, it doesn't look like Cyrus wants to put in a tender offer for the PNG business (since there has been a lot of negative feedback from shareholders). If that's the case, why not put in an offer for the entire business, after which, Cyrus can reorg as they choose?
The RoC, as stated, should happen regardless; we've been waiting for how many months now? Otherwise, just up the dividend to $0.20 or $0.30 per year and unlock value that way. A $0.20 divvy will yield a 15% return on yesterday's closing price. I'm sure many investors wouldn't mind receiving that kind of divvy while we wait for PNG to unfold.
I agree with Auburn that one of the implications inferred from their recent PR indicates that the PNG ops will take longer to get rigs 115,116 operational is a complete downplay of potential. If you look at their recent PRs and Investor Presentations all they have done is talk about Papua, etc, for the last couple of years. Furthermore, I find it hard to believe that they wouldn't know/expect that roads are being built to the well sites.
I'm starting to agree with Colourama insofar as it might be time to flush the entire team out and start afresh; they've had their sinecures for far too long.