Easily $3 stock under current conditions in 2024- WTI/WCS at current levels
- Fully debt free (expected to be April 2024)
- Continue $0.005 base dividend monthly
- Add flexible special dividend quarterly ($0.015 that could go to $0.03 with higher oil prices)
- Add buyback and start purchasing small amounts of shares monthly - no more than 1 million shares
- Capex at $4.2mln monthly as was suggested in Q2 report ($50mln annually)
- Production should be closer to 6500 boed
The biggest factor in share price increase in current situation will be buyback pressure as there is a downward pressure from wash traders who constantly sell the stock to themselves (to the bid side). Having Gear buy 200,000 shares a week will take care of that as the current volumes are nonexisting. After 2-3 months of buybacks the daily volumes will go back to normal and it will likely lead to a quick share price increase. As long as the company can manage all of that without increasing debt the stock will eventually hit $3. Remember in 2014 it was around $6.