Has had a huge capital appreciation which reflects the value the company has created in the refining side. Prefers domestic companies. Might be a little expensive.
Located in Papua New Guinea. They have a refinery but also have some drilling land. The company has not shown itself to be competent in its drilling. The refinery is good, but the oil exploration side is highly questionable.
Is down about 30% today. You will continue to see violence on this. A wildcatting, pioneering type of company in New Guinea. In very good geological terrain. Also has a refinery. You now have to wait for more news and hope that it will be good. On a wildcatting speculative basis, he would be a buyer. Supported at the $17/18 level by the refinery.
This is a company that has been trying to get positive drilling results for many, many years. He gave up on the company a couple of years ago. It always seems to be overpromise and fail to deliver. Relatively expensive. There is a lot of shortselling against it.
Operating in New Guinea. Have had various disappointments. Geology is very complex. The refinery is a nice asset. Speculative. Considering using as a tax loss.
In Papua New Guinea A viciously volatile stock. Just clinched financing by Merrill Lynch for the gas pipeline. There is the backdrop of the refinery they built, the only one there as well as a distribution network they bought from Shell and BP. The potential is for it to be hugely higher. High risk.
Had a gas discovery and is going through refinancing. Some outstanding credit issues are looking much better now. Needs a bunch of money to develop an LNG project in Papua New Guinea. Long-term project.