Hi pt: Thanks again for pointing out the article. Yes, "high conviction" is meaningful. Carmichael's May 2012 advisory also had this recommendation. See pg. 31 of the following: http://www.fnarena.com/articles/160DED3B-074E-A4A9-8CC6FE3A753A0B2E.pdf
Equally important, Patersons and Bell recently updated their reports with solid recommendations. Bell said in June it's "time to get back into Neon". Bell's latest report (30 July) pointed to Exxon's recent Vietnam success (although no one has the details of that find), but it also trimmed target price slightly due to short term water disposal problems in Calif.
Patersons visited the Calif site recently and said in last week's update that they were "impressed with management's focused approach on these assets." They noted the delayed regulator approvals on the Paris Valley field, however. But for those who need a "blue sky" kick, Pattersons said they envisage $5/sh for NEN on exploration success of the Vietnam blocks.
I've learned to be a skeptic of analyst reports, but consistent independent reports do tend to triangulate around the company's true value.
NEN Price at posting:
35.5¢ Sentiment: Buy Disclosure: Held
