RE: RE: $3.00It's not the dusters that are the cause of the decline, but the terrible performance in Thailand. Their best producers essentially fell off a cliff - big reserve write downs are inevitable - for the second year in a row.
Production is half of what they expected and the Andorra sale fell thru. Add in disappointing results in Indo (too early to call it a total failure), and a crappy market and it's not hard to see why POE has been hit.
$100MM EV looks reasonably attractive. However, there are other more compelling values out there with more near term potential. POE may see some interest around year end when several of their Indo wells should be near TD - they could use some good news.