RE:OBE BNE I own both of them and couldn't disagree with you more.
BNE has had long term excellent management that took the stock from pennies to 60 dollars per share and paid about 30 dollars per share in dividends. With similar levels of oil production as they have today.
OBE POTENTIALLY has a fantastic clearwater property that has to be drilled out to confirm. At one point, with roll backs it was down more than 99.99%. not a typo.
It's finally got its act together so obe recovered and has some room to run. Terrible ARO's still but obe is addressing that.
bne made one mistake- underestimating how difficult the banks would be with oil companies with moderate debt. Their ARO issue was probably affecting the bank lines and both the ARO's and over all bank debt will be substantially addressed by year end. The torque here is very substantial- really a 30 dollar share price is a reasonable target. It traded at 20 dollars when oil was around 60 bucks and there has been little dilution.
BNE is the model that Nuttall shouts about every time he is on BNN. Stop the pointless takeovers, don't drill aggressively - use and fill existing infrastructure and just return money to shareholders.
We did it before- we will do it again shortly