The problem is simple oil has fallen 20% and the net amount of oil being extracted form the oil fields ready for sale has also fallen no one in their right mind will buy the oil assets for LNC book value which is above $600 M.
Essentially, PB has learned a huge lesson and has had his arse whipped in the oil industry. LNC a green energy did a U turn and invested all of the proceeds of the Adani Sale into oil.You go figure? Now he's trying to tell us that there are unsolicited bids yeah right I'd be a buyer at $300 M what would you be a buyer at in this market? ask yourself the question?
LNC Price at posting:
99.5¢ Sentiment: Buy Disclosure: Held
