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8:39 04/10/2011 Re: New Pete Landau interview
From the interview. Think it will be higher before year end so options can be converted. 12 month target would be fully diluted target..
Peter Landau: Long term strategy is interesting; we’re not into empire building. Clearly we think the patience of investors in this current world has probably shortened from two years to two days. So we’re more into short term impact, high impact high return quickly. So to give you an example, obviously Texas if the P3s go to P1 and P2, we’ll look to monetise and liquidate those assets and do a capital return or share buy-back to shareholders.
Similarly I think the only asset we will hold onto would definitely be Trinidad because that’s going to be a three year development play. But if there is an offer that is commensurate with the return on the investment, if Somalia, or Puntland or Georgia come in, we’d definitely look to obviously capitalise on that and return it to shareholders.
We probably have one other region that we might look at going into onshore. But I think it’s fair to say if you’re a shareholder, you’re not going to be left wondering where the return’s going to be, because we’re in the business over the next 12 months of realising value and returning a lot of it to shareholders, as opposed to trying to accumulate production assets.
Nicholas Hayes: Last question Peter. Where would you like to see the Company 12 months from now?
Peter Landau: We’d like to be capped at, call it the billion dollar mark and that’s not just through issuing shares, it’s from a genuine increase in share price which would effectively represent a tripling of our share price. We’d like to have returned at least $150 million in cash to shareholders through the sale of our Texas assets.
Obviously we’d love Georgia and Puntland to have been a success with each of the two wells that are currently drilling now, so we’ll be drilling appraisal wells in each of those two regions. And we’d probably be in one other onshore area, with a 3D seismic potential drill program.
So that’s the crystal ball, we struggled to predict seven days in advance let alone 12 months, but that is the master plan for the next 12 months. And obviously with Trinidad, hopefully be producing 2,500 barrels a day, this time in 12 months’ time.
From the interview. Think it will be higher before year end so options can be converted. 12 month target would be fully diluted target..
Peter Landau: Long term strategy is interesting; we’re not into empire building. Clearly we think the patience of investors in this current world has probably shortened from two years to two days. So we’re more into short term impact, high impact high return quickly. So to give you an example, obviously Texas if the P3s go to P1 and P2, we’ll look to monetise and liquidate those assets and do a capital return or share buy-back to shareholders.
Similarly I think the only asset we will hold onto would definitely be Trinidad because that’s going to be a three year development play. But if there is an offer that is commensurate with the return on the investment, if Somalia, or Puntland or Georgia come in, we’d definitely look to obviously capitalise on that and return it to shareholders.
We probably have one other region that we might look at going into onshore. But I think it’s fair to say if you’re a shareholder, you’re not going to be left wondering where the return’s going to be, because we’re in the business over the next 12 months of realising value and returning a lot of it to shareholders, as opposed to trying to accumulate production assets.
Nicholas Hayes: Last question Peter. Where would you like to see the Company 12 months from now?
Peter Landau: We’d like to be capped at, call it the billion dollar mark and that’s not just through issuing shares, it’s from a genuine increase in share price which would effectively represent a tripling of our share price. We’d like to have returned at least $150 million in cash to shareholders through the sale of our Texas assets.
Obviously we’d love Georgia and Puntland to have been a success with each of the two wells that are currently drilling now, so we’ll be drilling appraisal wells in each of those two regions. And we’d probably be in one other onshore area, with a 3D seismic potential drill program.
So that’s the crystal ball, we struggled to predict seven days in advance let alone 12 months, but that is the master plan for the next 12 months. And obviously with Trinidad, hopefully be producing 2,500 barrels a day, this time in 12 months’ time.
