Something is wrong with this picture!!!!!!!!!!!!!!!
When I invested in IOC about 3 years ago the stock was at about $70.
This was before
- Our Nemesis, Minkow was sent to prison
- Triceratops was drilled and Pac Rub came in
- Japan's need for LNG sent prices skyward
- E/A was confirmed as a continuous reef and it became likely that the total estimate of gas at E/A is likely to go up (post A3)
- O'Neill came in and initiated a plan to establish a business friendly and come down on government corruption and inefficiency.
- The world economy, even if slowly, put the financial abyss in the rear view mirror.
- Any Super-Majors or NOC's openly expressed interest in IOC's gas.
- The S&P hit 1500
And yet IOC's stock pps is now at $60. Something is very wrong in this picture/puzzle.
I am counting on treasure hunter being right. The board has taken control away from Phil, and so the story will change. They may just usher in a new reality for us soon. I wonder if Phil knows what damage he did to this stock.
The reason is management's lack of credibility. They have spoken falsely so many times during the last three years that even now, when they finally put a precise date on submitting bids for a "deal", their past record denies present stockholders the kind of big "pop" that it might have produced in earlier times. Experience does matter and skepticism is justified to the point that yesterday's five point pop only restored the past two weeks of decline and could not be extended today. Mr. Market will give us some clues as we get closer to that Feb. 28 date.