Brasso is right. There is insignificant day light between opex and oil price for anything but essential capital expenditure. Losing probably $15m of revenue per annum as a result of price paid in argentina.
What has suppressed the share price is that Argentina has gone to hell in a hand basket. Every day the currency weakens with no let up so therefore every day we get paid less for our oil. Hatches are closed no capital expenditure for the foreseeable future. THAT IS THE ANSWER!
I think its important to remember that even if the results on work done are successful the probability of this been reflected in the share price sadly is very little. Also the currency is weakening every day so every day we get paid less for a barrel of oil. It's all about managing a very difficult situation which way go on for years.
Please tell me you are joking with me think you need to take a look at the math. 59 pb @ 45.19 peso all PPC oil sold domestically works in US$ receives 45.19 converts to $ = 45.19peso / (today) 56 peso = .80 $cents therefore 59 pb = 59x.80= 47.2 $$$$$$$$$$$$$$$$$$PPPPPPPPPPPPPPBBBBBBBBBBBBBB !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!