RE:RE:RE:RE:RE:RE:RE:RE:ITEin my humble opinion - this post is a load of rubbish:
1) "......doesn't preclude the fact this team is simply a failure in 3 years at the helm". i3e 3 years ago were on the verge of bankruptcy with zero production, zero revenue, zero reserves and about $25m of debt !
2) wind the closck forward 3 years and they have over 22,000 boepd production, 184m boe 2P reserves, a relatively large land package with some valuable acreage and $25m in cash- doesnt sound like failure to me.
3) So yes they managed to buy assets at the bottom of the cycle - you may call it luck - others may say very astute. That aside if you strip out the asset they sold and then allow the 6-8 months they needed to understand the acreage and come up with a development plan - it means they started with base production of just over 17,500 boepd. Wind the clock forward 18 months to 2 years - they've grown that to over 22,000 boepd and reserves up to 184m boe - again does not sound like failure to me.
4) No denying they had a set back with the dividend cut due to misjudging the fall in oil and gas prices and very heavy capex spend in 2022 particularly Q4. But the dividend was market leading and is still pretty tasty at around 8% now after the cut.