hold and / or buy
The market reaction took management by surprise, and regret. Most of this - in my opinion - were shorter term traders expecting a larger dividend AND buybacks, as well as disappointment that the hedges took them out of a very premium market, .Price will normalize and the hedged value is still well above last year's prcing. I'think they are building cash because they are close enough to expect a flowing oil acquisition. Marginal fields are discounted to today;s prices, and what is marginal to the big boys can be very attractive so AOI, Patience !
AOI's stake in the Venus well is roughky equivalent to the market cap of AOI, and that field will be further deliniated and expand.
AOI's stake in Africa Energy is somewhat similar, although this is gas. I expect AFE to sell once an offtake agreement is in place, and likely dividend most of the proceeds.
Gazania will spud Q3.
It sounds like a new partner in Kenya will be arranged in Q2, and the project move forward and be revalued.
Lot of additional value added catalysts. I bought more today..