I think there is plenty of upside if you are prepared to hold.
Amazed where it is trading at with oil at $90/barrel
-PE ratio of 5 at the moment (this is based on 2006 oil prices).
-OPEC have basically come out and said get used to 80-90 a barrel
-small caps have been hit harder
-doesn't need to dilute & pays dividends
-20+ years of reserves
-USR drilling showing a bit of promise, will know more in the next month or two
-gas side in the next year
Market has overdone it.
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IPM
incremental petroleum limited