BuffetJr Posted January 11, 2007 Report Share Posted January 11, 2007 New oil explorer L & M Petroleum listed today on the ASX. i took stock in the iPO...was hoping for a nice stag for half my shares, but the timing of the listing was the worst possible given the oil price drop overnight. However, this presents a cheap buying opportunity for those who don't mind a 'no guts. no glory' type of punt. L & M Petroleum is essentially a spin off from the Lime and Marble group which has been operating in NZ for a very long time. They have divested their oil exploration assets in NZ into LMP. LMP will be throwing a lot of cash at exploration over a two year period, but some wells are funded by NZ partners. The basin actually broke off from the Taranaki basin (in a previous life) and so has excellent potential for large scale oil finds, but which of course are as rare as hens teeth. The chairman, Geoff loudon, was actually the founder of Lihir Gold so has an excellent track record, and has thrown quite a bit of his own dosh behind the float. Other directors/management also apear to be of high quality. Worth a small punt for potential large gains imo. BuffetJr Link to comment Share on other sites More sharing options...
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