This $75 now is what the "smart money" guys paid in their large private placement three years ago. The company, its completed wells, its total resources, and its downstream operations are all far more positive now than back then. What's more the PNG government is more stable and onboard with IOC, the upstream and future overall operations are becoming greatly derisked as a deal is at hand. Why is the price not moving up?
Almost all the stock (85%) is in very strong hands, yet the stock remains heavily (over 20%) shorted and apparently its price is quite manipulated. Naked shorting seems prevalent. I hope someone will ask management at the meeting on the 24th if they have expressed concern with the SEC of these matters.
no no Seeking Alpha says there is no such thing. You have to believe him. He gets a penny a click.
Seriously, I say here again, naked short selling is as alive and well as ever before. The SEC has no means of tracking it and short against the box sales are the worst contributors.
FWIW, I can back what I say with real court cases and real evidence presented. It was not measly shares or small percentages. Put that in your crack pipe and inhale deep...
What were the guys that bought at $75 in 2010 told? Here are some quotes from the Nov 2010 CC a few days after they raised it:
"The LNG plants will be staged. The first 2 million tons of LNG train capacity targeting 2013, early 2014"
"In addition, the agreement does provide the continued expansion with 3 million tons targeting in 2014"
"We target FID on the condensate plant by the end of the first quarter of 2011 and the LNG plant by mid-2011."
"The primary proceeds of this offering will be used to develop and construct the CSP condensate stripping plant, the LNG plants and related infrastructure pipeline and marine facilities..."
"Therefore, our plans are to drill one more well in the Antelope field prior to 2013 to meet our deliverability
requirements for the first stage of LNG and this well is primarily for redundancy to give us surety of delivery."
"And we were just talking to their CFO today and we are just working through the final docs to get to FID and final closure..."
Ahhh.... the good old days.
Sentiment: Strong Sell
You wouldn't want to be accusing IOC and their IBers of being con artists, would you?
Given the statements you cite, it might well be that the biggest victims of a potential con were IOC managment and BOD.
Who was "leader" of IOC at the time?
Thought IOC actually controlled its destiny?
Bonk, I was worried you'd left us for better company and party favors over at SA. Your back evidently, hammering out posts and cut and pasting feverishly. I know you don't work for free so something is afoot. My "Bonk-O-Meter is lit up!
Sentiment: Strong Buy
You raised the most important question: "WHY IS THE PRICE NOT MOVING UP?"
The cultists ought to be spending 100% of their time on that one, rather than purveying fiction #$%$.
Of course, if they did, they'd have to confront a possibility which would render all their analysis and speculations to the trash bin -- that IOC is properly valued at present.
Perish that thought.
some things have their own time tables V....Recall Radian shorts speaking same jibberish when it was a tad over $2/share about a year ago....Hit 14.40 a month back..Don't tell Bonkie the burbot though...That was another long for me that he was poo pooing....In a NEW YORK minute things WILL change in a big plus way...If you don't believe it's going up much, then you and lotsof lng should sell covered calls above where you think it will go...why not? unless you don't trust your own judgment with the pps as to the "long side" and the far more bullish stance guys like me take....The spring is coiled...my GEVO was up 40% earlier today..fyi..
VS , I happen to agree with you on certain items. Such as Phil was a blowhard and set IOC back 3 years. I put liitle credence into what either the Ube's or the slammers have to say. Its all completely biased on both sides, and fictional and distorted.
Any level headed shareholder would be pizzed at the way IOC has TRIED to move this forward. But I still think IOC will get a deal done and that it will not be terrible, but not be great either. A reasonable deal would justify a higher PPS one would think. $150? No chance. $100....perhaps.
The stock is clearly "played" both up and down, and held steady when thats called for. Why hasnt the PPS ever held a gain? Did it really ever deserve to? Why? Because there was talk of a deal? At what terms? As far as I know a real deal with prices and terms hasn't happened. I think when it does, that will be beneficial to the PPS and justify (if it does) a more sustained higher price.
If i was constantly as negative on the progress and prospects as you ans MS seem to be, I would sell my shares without a second thought. But since I do believe both of you guys are long in a fairly substantial way, there must some silver lining you anticipate.
Not meant as any kind of critisim, just wondering what you see as the positives that compell you to continue to hold shares.