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B2,

I have looked into this one fairly thoroughly, from a fundamentals perspective. Also put about 7% of my portfolio on it. There are a few more uncertainties than I'd like, but that includes huge potential upside uncertainies that will take a year or more to quantify (or not), so on balance one of my favourite smaller stocks.

Not concerned about Stowell, never figured his role, it's McGann I have my money on, he's the one that will doctor this neglected oilfield back to exuberant life. Cronin adds commercial credibilty. As for CBA etc, I can never figure out what is real from what is not with most inst holdings. Maybe someone in HO decided anything within 1000 km of Bagdad a no go zone?

Read the remuneration report, and thought it most fair and the alignment incentives more intelligent than usual, eg Coy Secr gets bonuses for ensuring all paperwork done, McGann for getting oil prodn up. I am assuming stated salaries are for a 12 mth period?

Looking forward to attending the AGM and seeing mgmt eyeball to eyeball. Amazing the insight (tone, enthusiasm, credibilty etc) you get in the flesh, isn't it.

I don't expect any nearterm rollercoaster ride with IPM (unless they take on another field soon), just continuously rising lows, as McGann's team does it's surgery on Selmo. Looking at the latest presentation, they sure bought a sick, neglected, mismanaged patient, yet in it's sick state still churning out the cash. Looks like they are going to find plenty of low hanging fruit.

The only two really credible (but in my view low) risks I see are:
1) possible problems repatriating profits - I am assuming this to have been carefully reviewed by directors, but watching for any new info
2) Kurdish unrest. I am taking this to be low, with Turkey vying for European acceptance.

Have bought a few lemons, and missed plenty of ten baggers, but don't believe this is one a dud. However, if holding this stock, IMO one should follow fairly closely, given the short track record.

Entropylord