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.
Sell it. Value trap. Too many assets, not enough geographical concentration. The free cashflow yield that everyone's fallen in love with rolls off significantly in 2 years.