Where are we going? This has been a very frustrating stock to own. By several measures - trailing EPS and CFPS, NAV (
.38 share after tax, fully diluted), 2P resources (@ 2.4mmbo IIRC) - it's very undervalued at
.20. I wonder if it simply being discounted due to its small market cap - or is there something else at play here? Curious to hear others' thoughts.
I also wonder what their future holds. Some interesting tidbits in Parex's Feb presentation:
- 5-10 wells planned for Trinidad for 2012, including 2-5 on Moruga block
- a footnote that an application has been made to name Parex as the operator for Moruga
Looks like PXT will be driving this. If they are keen on Trinidad - why not take out PTT as these prices. $20mil would be more than enough to get it done IMO and PXT has the cash. And that's only $8 and change per barrel (using 2p); seems very cheap. As a shareholder of both - I say get 'er done, I like it from both angles.