Imho oilers on the ASX with overseas assets are not undervalued.
As a group they simply dissapoint severely. Even Woodside, Santos and Oilsearch (beyond PNG), what have they gained from expensive overseas forays?
Look at the ASX oilers in the USA, must be close to a $billion sent stateside, and what profits returned?
Look at asx oilers in Europe recently, in Africa, in India, China, Phillipines. I see little return.
My current oilers (IPM,COE,CVN and SAE) are dependent on international assets for their futures, however I hold these cognisiant of the peer group track record - fact is Australia is not well endowed with oil, but the ASX is well endowed with oilers, most of which only consume wealth rather than creating it.
EL
IPM Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
