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I agree that Wayne Andrews is a smart guy, but even smart guys make mistakes. And he seems a little too cozy with management on the conference calls. Lofting softball questions and congratulating management as they miss targets time after time. And I believe RJ has a banking relationship with IOC. His earnings estimates on their refinery are certainly rosy, and I believe time will prove him wrong yet again.
Jun 03 12:18 pm
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All Comments by tombo »Instant Gratification with InterOil Corporation? [View article]
T. Boone Pickens has a decent position in this stock, and that carries more weight with me, since I KNOW he's no fool, and he's putting his money where his mouth is. But frankly, I don't care if Jesus Christ has put a $200 target on the stock. If he can't explain why it should be worth that much and make me believe it, I won't be investing.
If I wanted to play PNG oil and gas, I'd buy Oil Search which trades at just 3x Wayne's target for IOC. They actually have proven NG reserves (more than double the best case speculation number for IOC), they're producing oil right now, and their LNG project is going to get done.
Their LNG project will come online late 2013 best case. IOC's project will come online after that if it ever gets done. I realize that LNG prices are sky high right now, but I don't think they are sustainable, and 5 years is a long time.