Held my nose and bought back in yesterday.
The board was too quiet so maybe this will liven things up. When stock was over 1/share it was selling at about 2x cashflow, which in their situation, may have been a fair price. The company looks dirt cheap on a reserve basis, but I don't think any of the African oil plays will get that valuation metric applied. I believe that cashflow is the metric you should use with them. And since macro events have lowered the price of oil, the stock is under pressure, rightfully so. Even CEN is getting hammered because of that.
Technically the stock could revisit 75-80 cents area, and I will be happy to buy there. One concern I have is that production growth is stymied by capacity, and that the stock may be dead money until the new pipeline gets rolling. Thoughts?