Monday, October 02, 2006 8:50:34 PM
1. I think NDOL is a buy here and, at least, 5-bagger.
2. We are OK with reserves but need to increase production numbers before going to London.
3. Magma is very quick but very expensive way to reach those production numbers. $350 mln is too much (IMO). Solid buyers dropped their bids when they heard the price.
4. If NWOG is going to be acquired anytime soon, they don’t need Magma – extra ballast (debt, dilution, etc.). If they plan to grow independently for 2-3 years more, they do need to increase Saratov production fast (100% growth was promised) and acquire additional producing assets.
5. I am not selling but, being long, don’t feel myself obligated to post only rosy messages. You don’t need to idolize company to invest in it. As everybody else, I am dreaming about $2+ buyout offer, but my lowest estimates (posted earlier) are $0.5-0.9. I don’t know where the bottom is, but (IMO) if you decide to stay invested - keep your average below those numbers. Otherwise, you could be disappointed when all this is over.
Holding my relatively new NDOL position (re-entered in 0.30s, current average ~ 0.23) and feel pretty comfortable.
P.S. “EIK claim” is: I received that e-mail from Sibir Energy and posted the text w/o changes”. What exactly could be refuted? And, btw, I don’t see any “scandal” here.
IMO.
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