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.
LIkes it. They did a purchase in Canada, though it traditionally has diversified outside Canada. But they found it hard to buy good properties in Europe where offshore gas operations are declining. Instead, they bought some cheap assets in Canada. Debt has put pressure on the stock. Pays a safe dividend. He'll hold onto it.