JEC a vulture PI fund..... .......always boils down to a bird in the hand verses one in the bush.
Companies and their share prices need to come to their own and sometimes there is a significant wait for this to happen. Mart Resources who are in an extremely prolific geography have been around since 1999 and are finally now getting a solid re-rating and has developed the production and reserves base to merit the share price rise (finally) despite the georisk.
Folks we need to realize that this is not an Ithaca management issue but a market issue. Valuations for Oil and Gas companies in general are absolutely horrible. The whole sector needs a valuation lift. We expect Ithaca Management to walk on water but forget to look around and the carnage in the industry.
I for one do not want to be sold short by some flip fund taking a position and yapping up a storm to provoke the BOD to bite the bullet.
I hold a number of oil and gas stocks and including GTE, SU, BNK, INA, MMT, IAE, EQU, TPN, (amongst others in other sectors). Suncor is trading where is was 5 years ago, GTE is as well (despite a tripling of production and reserves), BNK is trading at $2.94 per bbl of 2P and 2.9 times 2013 cash flow. On and on it goes.
My point is that North Sea field development in particular is a very lengthy and time consuming activity and Ithaca is not alone in its undervalued share price.
JEC is out for a flip folks.
If you believe in Ithaca then hang on. If you do not sell your shares.
I believe an acquisition is forthcoming but not without being significantly accretive and adding solid value for shareholders. Two questions to ask yourself if you believe in Ithaca's prospects. The first is...what do you think the share price should be if and when they are producing 25 boepd and two....would you be willing to wait for the company to 'come to its own' or have it sold prematurely to appease the vulture fund.
Iain's objective is to get this company to 25,000 boepd. But then where does it go? Just look at the long term charts of successful intermediate and senior producers. In nearly every case there was a long period of the share price plodding along at lower levels until the company came to its own and away it went. Take a look.
I too would love to see an accretive acquisition of 4000 to 5000 bbls per day (with 12 to 15 mmboe of 2P) but patience is the friend of the successful investor (you'll note I said investor not trader)
We do not need this horsesh it right now IMO they have a 30000 boepd development they are trying to get done, day to day management of existing wells as well as trying to buy some production. I say leave them do their job.