I am curious; how long do LONGS believe we will have to wait for a breakthrough. I firmly believe that PNG will not wait forever, and I know all is just conjecture, but still curious of best WAG's.
Nobody on this or any other board can do better than venture a guess. This is a very complicated deal - it could be a single deal, there could be others trying to one-up that deal with another option, or there could be multiple deals. And on top of that we have a new CEO who is trying to both optimize the current situation, while at the same time, setting up IOC to succeed in the long run.Even the single concept with Exxon is complicated, as they need their partners to buy into it, and they and IOC need multiple levels of local governments to buy into it.
I don't claim to know anything, but I do believe that the gas is there and monetization is inevitable. It could drag on, or we could wake up one Monday morning and hear the first shoe has fallen. I have been in this a long time, and it is my largest position. For years I was in this for income - selling covered calls - but I have stopped this earlier this year because the odds seem to favor a deal on the horizon, however far off that might be. I have increased my position recently with December calls.
I hate the volatility, given the size of my position, but I believe in my investment thesis so sit pat, and hope!
What I do know, is that this is news driven, and high beta.
may not be losing money the last several months through selling calls with high premiums and playing volleyball manipulating the PPS on low volume...They rinse and repeat that effort over and over is my view...I tend to hedge a portion of those I own seeing and predicting it will continue til we get some news of significants we've been waiting for...a long time I might add....