RE:RE:RE:RE:Q4 is shaping up....I am all for more Capex in Germany and Croatia, because it is way more effective then buybacks.
Every 6 MMcf of natural gas in Germany or Croatia will add 1.5% to petroleum sales.
In Croatia that may be able to add as much as 36 MMcf which would add almost 10% to petroleum sales.
36 MMcf of gas may be only 6-10 wells.
The buybacks are appropriate in North America where we have a very competative landscape. In Croatia + Germany they are importing at LNG prices, the more they produce the better.
Germany is have trouble swallowing these high energy prices and I am sure they are welcome to more gas production. You kind of need to make hay well the sun is shines.
I how they make out Croatia and drill a lot more wells in Germany, and keep Canadian produciton flat.
IMHO