Jimbo,
If I look at all my past dud/dissapointing oiler investments, the losses or paper profit erosion has had little to do with political risk. ARQ,ROC,HDR,PSA,STU,COE to name a few.
Even where political aspects had an effect (ROC/HDR for Mauritania) the geological risk had a MUCH greater impact. The greater risks are geological and management bs/incompetence.
Oilers are VERY risky, with the political risk one of the lesser risks, unless they go to the more troubled parts of Africa, FSU etc. Turkey is nearly Europe.
All up I consider IPM one of the lowest risk small/mid oilers on the ASX. Nevertheless I put a fairly modest portfolio% limit on it (as, to differing amounts, with all oilers).
EL
IPM
incremental petroleum limited
