The market is starting to doubt? As far as the HBU reserves go, the market has never even considered that they might be worth something, haha.
As for PBN, at least they got production back up above 39,000 as of this week. They're sticking by their exit production forecast, and the dividend is coming from the free cash flow from maturing wells. I think the shorts are going to have a hard time finding people willing to join them at these levels.
I've never been crazy about PBN, but I do think it will go higher eventually. I'm much more interested in seeing how Kerrobert ramps up. There won't be much to see this quarter; Q3 might not be any good either, but Q4 should be very interesting.
7,200 boepd * 365 * $40 netback = $105 million
The project cost $100 million, paid for with PBN dividends.
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