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Editor's notes: Lowered guidance knocked CENJF.PK's shares down, but the current valuation ignores several future opportunities. Fund manager Volte-Face Investments likes the large discount to NAV, with up to 55% upside.

The Background History

Surrounded by the countries of Malaysia, Thailand, Cambodia and Vietnam, the Gulf of Thailand is a shallow arm of water attached to The South China Sea. With a total coastline that stretches approximately 2,600 kilometers and an average water depth of 45 meters, the Gulf of Thailand creates a very attractive environment for shallow water oil drilling and exploration.

Chevron Corporation (CVX), the original explorer, discovered the first natural gas pockets in the region during the early 80s. Several years later, Premier Oil Plc. (LON: PMO, OTCPK:PMOIY), an oil exploration company, began to conduct wildcat drilling activities in the Thai block G5/43 region; this exploratory drilling proved successful. According to Bill Phelps, Chief...

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