RE:RE:RE:Santos today announced the Papua LNG joint ventureWhy did they sell off Cdn operations? They were one of many competitors in Canada and not making much money if any. They stated they would save $4 million annually in A & G by divesting Cdn. ops. In PNG they have a dominant position and while the wait has been painful, if activity fully ramps up it will be far more lucrative than anything they could achieve in Canada.
HWO unfortunately does not control the timing of the activity ramp up in PNG and there has been a cost to maintaining the rigs to be ready. So we wait......
I agree the stock valuation is rather silly given the strong cash position and future prospects so it baffles me why they don't do a meaningful NCIB. Mgmt needs to address this IMHO. A million dollars in buybacks would go a long way and send a positive message to shareholders.