RE:RE:no ideaThe current share price has the insecurity of the dividend built in. At the $C 0.64 price, the dividend is a bonus. It will take several quarters of structural demand improvement to encourage investor sentiment to improve and then to trickle down to the micros. In the last year, O+G has lost $5 billion in capital flow. While supply volumes appear adequate, any increase in structural demand created by unwinding of bank rates or increased export capacity will strain the current supply.
Gear has a flat, long term supply profile with minimal debt and steady cash flows and id well positioned to benefit from any structural oil price appreciation regardless of investor sentiment. The low share price is more a reflection of unchanging investor expectations than it is of changing marlet reality.