Stock price when the opinion was issued
Lately they've had success in exploration in Germany, but near-term capex to exploit that is questionable. Are hard hit, now trading at half their book value. Are paying a near-6% dividend. He's held on. He may use VET as a source of funds, but otherwise won't sell it.
This company has a nice dividend and the book value is $12.33, but is a little heavy on debt. A back off into the high-$30s would be a good buy on a 3-5 year view. He thinks the dividend is safe. Yield 6.4%.