RE:You Have To Be CRAZYCrow I agree 100%. IAE is just opening up not just a new pool but an entire FIELD through their investment in new infrastructure. There's a heck of a lot left off the low ball bid. In terms of risk vs. reward - most of the risk is now GONE. All of the offshore oil pools I've examined have exceeded initial reserve estimates from 30% to over 100%. There's 20 years worth of production surrounding FPF-1 and the Operator is the one with the keys to unlock the value trapped within. They really could keep FPF-1 operating at 80%+ capacity for many years not to mention secondary and tertiary reserve recovery that would extend the life many years further.
The timing of the crahp offer is dishonest and undermines the investment of the other 80% of Ithaca Owners. Others on this Board are preaching that WE SHOULD BE HAPPY. Well if they're happy then STFU, SELL AND GO! I believe there's something rotten going on and as a long time shareholder I'm not about to roll over and let it go down. Either IAE Management wants to carry out best business practices on behalf of ALL SHAREHOLDERS or they need to step aside. They aren't hired to be Delek's Zombies.