Stock price when the opinion was issued
At one time they were a 40,000 barrel a day producer and he would guess that they have probably had 8 quarters of declining production. Abysmal exploration success. Drilled a lot of dry holes. Also, have issues with convertible debentures that they had to push out the maturity of. They are now trying to divest some pipeline assets.
He would be switching into something else. Doesn’t see much organic growth coming out of Latin America with this. If you want to be in energy in Latin America, he would consider Pacific Rubiales (PRE-T).