2022 results Positives
Revenue USD 323m
Net Positive Cash flow USD 112m
USD 71m cash balance.
After March deferred payment (USD76m) there will be no debt (therefore no short term cash either).
Negaitves
Paper loss USD130m due to possible reduced oil in the ground (deemed impairment cost USD 220m). USD90m profit ignoring the impairment.
USD 76m payment for Hawler deferred consideration.
Political issues/risks for the company in the Kurdi region
Overall
With a share capital of approx USD 100m (CAD135m). No debt / no cash. Oil in the ground worth USD 400-500m plus. Cash flow USD 100m per year. Share price seems very cheap. Reality is lots of investment to maximise oil production which makes this feel even cheaper. Political risks seem to be slowly working themselves out with agreements starting to be made.
I am very bullish on this stock.
good luck all and please share your views.