RE:RE:RE:RE:The set up...Wink Wink...BERationale wrote: They are turning probables and contingent resource into proved reserves everyday with their drilling program. Agreed if they didn't spend any money it would not be sustainable but their revised downward capex and flat guidance speaks to the efficiencies they are seeing and the sustainability of cash flows. That coupled with pushing out abandonment liabilities and utilizing the Kris tax pools should result in a meaningful lift to year end reserve NPV's.
its meaningless unkess they pau out 80% of net profits to SH because until they get a new reserves study done based on extensive new seismic and / or new modelling of old data this is just and end of life reserves getting squeezed for every last drop rendering it speculative at best.
With no divs and no bankable reserves looking out 25 years VLE is only functioning as a cash and wealth generator for BoD rewarding themselves and families with 6 star Singapore life huge bonuses and salaries for generating zero SH returns.
A joke.