Investment proposition23 May 2023 18:37
Look - the whole business model is to go out and acquire shallow water oil producing assets using debt. That they are in a net debt position should not come as a surprise. The investment case for block 3/05 was predicated on a Brent price of 75 (April 2022 presentation). So the oil price now is hardly a cause for concern. Obviously it's come off its highs and obviously you'll generate cash faster with a higher oil price - but such analysis doesn't qualify anyone to join the Berkshire Hathaway investment team....