Quite a bit, as it happens, although we’re still only lukewarm (despite having recommended a buy at 24 cents some two years ago, since which it almost tripled)
What’s going on?
- Insider buying at daughter Petromanas (PMI)
- Share offering and Toronto listing
- Some interpretation
- Part II
It’s promising that the offering is well received.
To refresh your memory, they have properties in:
- Albania (through 32.3% stake in Petromanas: PMI.V)
- Mongolia (74% interest)
- Kyrgyzstan (25%) Farm-out to Santos, committed to spend $54M
- Tajikistan (90%)
- Chili: divesting in return for all operational cost incurred
- Financial and operations update Nov 2010
- Manas Presentation Feb 2011
- Petromanas Presentation Apr 2010
Where it will go, we don’t know. What we’ve always liked about this is the five (now four) different prospects, but what we don’t like is that it’s all going very slow, most of it is still in the seismics acquiring stage. This seems to be a pretty crucial year. It’s a high-risk, high-reward kind of stock. If they hit oil somewhere, you’ll be happy, needless to say. The most likely place for that still seems Albania.