i do not agree with your assessment. surly if you work to your total liabilites figure you should also work to total assets? for example it has tax asstes of £46M and tax liabilities of $£3M (so that is almost 20% of your liabilities dealt with). then it has £36M trade receivables - assuming they are collectable (like the parties owning have not gone bust in the meantime), and of course it owes £34M trade payables. so that is now £82M of your £250M sorted - all normal stuff.
so you have £23M RBL debt - this is cash due to be paid back at some point. £59M defered tax (non-current liability) but also a £30M defered tax asset! and £78M provisions (which i would assume are for decom activities which are in the future (could be many years away)
so i think a better assessment is: £93M cash plus £6M fin asset less £23M RBL, plus the odds and rounding. with current poo i would take a cautious view on the RBL, even if the deal has several years to run - it will be subject to assessment each yr or 6 months. ,so at worst effective net cash is £76M or some what more than half the MCap.
but the bs NAV is approx £1/ share so current SP is a 50% discount to NAV, but in a cash rich oiler. looks OK to me currently and i am happy to hold.
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