they have increased cash by $6m in the last 6 months and have bought back 1m of its own shares. Anyone have anything without mentioning Oil that justifies a market cap below its cash position. seems to be ticking too many boxes for me.
It's swimming in cash and even made a small profit in the interims in a difficult market with a bad debtor. Cash and assets that are likely to be over depreciated 20% per year (5 years zero book value, but large intrinsic value). Putting all those positives aside we have 102p Nav / PS. This is so prone to a take over it's surprising not been subject of a bid already - IMHO Sit tight and hold this one, I think it will be a gem of an investment. It's oversold like anything to with oil exploration but that's not their only bag.
Game changer on costs and clarity of seismic mapping, if it works and works reliably in different and difficult sea conditions. If successful, will probably be put to other non-exploration uses. Like the no-debt, cash-rich position of the company but as the Chairman warned in interim results statement tough times are ahead for the industry through 2016.
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