(Editor's Note: Investors should be mindful of the risks of transacting in illiquid securities, such as TUWOY. Tullow Oil's listing in London, TLW.L, offers stronger liquidity.)
Not only is Tullow Oil (OTCPK:TUWOY) the largest independent oil and gas company, it is one of the most exploration-focused large energy companies out there. The good side of this heavy exploration focus is that success can bring in millions of barrels of reserves at low cost, spiking the estimated NAV. The bad side is that dry holes can quickly whittle away the value of the exploration NAV and send the stock skidding.
The latter has been the dominant part of the story since I wrote about Tullow as a Top Idea...
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