Orogen hung out to dry
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It hasn't been easy to pinpoint why. Since issue 30 (Buy - $1.62) we have been optimistic. NTA was $1.90 a share, there was no debt, plenty of cashflow (in US dollars) and 'the PNG-Queensland gas pipeline was drawing near'. But it wasn't.
Orogen's half-year results showed profit of $38.9m, 27% lower than the same time last year. The rate of natural decline in its oil and gas division is speeding up and even its Porgera Gold Mine is long in the tooth.
Now that the PNG-QLD pipeline may not happen, there's a chance that the company may have to divert more cash into exploration or acquisition to grow.With so many negatives, including the PNG government scaring institutional investors, why own it?
The cashflows are great, there's a gas project that may come good and two new wells to be drilled in about six months. That's about it. If you are tired of waiting, as we are, then SELL and STOP LOSSES. If not, HOLD FOR THE UPSIDE.
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