RE:RE:The FactsMy position is that they haven't paid anything yet! Once the audit is completed then they will reconcile against Royalty taxes due, Nothing much has changed. |They didn't shut down and they still produce 19,000 bbls per day profitably with a huge reserve.
This company NEVER got the multplie it deserved , that's why many of us still are long the stock. Even looking back, it was always near the bottom quartile when measured against peers in the E& P space. TD puts a NAV at $4,20 per share NOW!! Remember that BNK is the only oil company producing in Albania. That's pretty unique compared to other places in the world. I'd say , all thing held equal, it should trade back to near where it was. Who knows really.
Frankly it's no better than Columbia or Argentina for North American investors. If you lived in Europe you'd feel comfortable investing there. The trouble is that the RAMA government is fairly new. They got elected from the former Democratic government of Berisha, the current party is socialist. It's their first kick at the can. Oil prices got hammered and the cash cow isn't giving the same amount of milk. Why not try? For sure there will be a lingering stink, but even a skunk smell goes away eventually.