11-27-2012, 01:33 PM
I was watching some program or other last night and a remark was made that the Chinese success in African asset acquisition was their willingness to grease the palms of the "authorities". At the very least we have to recognize it is a crime for US companies to do so. I suspect, but do not know, that imposes constraints on IOC in their dealing with the Commonwealth country of PNG.
As far as I'm concerned people not appreciative of the difficulties IOC management have had to overcome in extracting appropriate value from their assets and efforts are welcome to sell all the shares they have. After all, the resources and efforts of managment must have established "fair value" in today's share price.
Maybe management hasn't done everything right, but they found a lot of gas and condensate at E/A and T2, have continued to develope the necessary infrastructure to extract that resource, operated a profitable refinery with stellar safety record and have been beset with a government in a country with a fundamentally tribal cultural heritage and among the most backword in the entire world. Women and children eating their dead until 1960 as a matter of respect, preventing the bodies from being consumed by worms if buried and maggots if not? Not that long ago.
I expect management's obtaining any secure deal in PNG with its politics and culture will be plenty to deserve my full and unqualified appreciation.
Yeah, it's a speculative stock. Place your bets, roll the dice, but don't bitch. Please don't hesitate to present negatives when there is good reason to believe there to be a valid reason to do so.
Good luck to all. I'm looking forward to waking up 12/4 and reading SHU posts.
As far as I'm concerned people not appreciative of the difficulties IOC management have had to overcome in extracting appropriate value from their assets and efforts are welcome to sell all the shares they have. After all, the resources and efforts of managment must have established "fair value" in today's share price.
Maybe management hasn't done everything right, but they found a lot of gas and condensate at E/A and T2, have continued to develope the necessary infrastructure to extract that resource, operated a profitable refinery with stellar safety record and have been beset with a government in a country with a fundamentally tribal cultural heritage and among the most backword in the entire world. Women and children eating their dead until 1960 as a matter of respect, preventing the bodies from being consumed by worms if buried and maggots if not? Not that long ago.
I expect management's obtaining any secure deal in PNG with its politics and culture will be plenty to deserve my full and unqualified appreciation.
Yeah, it's a speculative stock. Place your bets, roll the dice, but don't bitch. Please don't hesitate to present negatives when there is good reason to believe there to be a valid reason to do so.
Good luck to all. I'm looking forward to waking up 12/4 and reading SHU posts.