Oil & Gas Reserves development Company is what Kelt is. That's the primary objective. The idea being to sell their plays eventually. Production is a means to pay for development and necessary to prove out the reserves. For example, Wembley 2P RLI was 60+ years as of 12/31/23.
Everything they do has to be understood in that context.
They have no interest to buy back shares, pay a dividend, build their own plants etc... because all those things detract from their main goal.
The quarterly reports don't matter much either. What matters is the annual reserves report.
Also why they don't focus capex instead choosing to allocate capex more or less equally within reason. They almost don't consider commodity prices in allocating capex unless said commodity generates more cashflow to advance development.
Also why they don't hedge much. Worst case they'll shut capex and ride it out IMO. They don't borrow
Much because of what happened with Inga.
Took me 5 years to figure this out.