Ouch indeed CC
I sold my COP last year when I realized just how much COP reserves were counted among Lukoil in Russia, hence subject to Putin's whims. A problem to me is that the majors, seeming all of them now, are dependent on political freak shows be it south of border or of the moslem flavor, this news by Chavezshitovich being to me no surprise some while ago. A while back when I fiddled around for months waiting for a buying opportunity in old Burlington Resources, pure NG play, I was frustrated with my own stupidity. Going back and looking at their (I believe it was) 11 trillion cubic feet reserves that were gobbled up by a major I now look at Chesapeake as another Burlington waiting to happen. We will see. But good pure oil plays are in my view getting scarcer by the day, in fact I can't think of one, choosing myself rather to play the domestic NG plays.
Slightly off topic but about uranium that is getting more and more attention, indeed juniors being pushed by subscription source Weiss Resserch even today I note that BHP has the largest working uranium mine in the world, the Australian Olympic Dam mine, and BHP can sell all of their stuff to CHina and BHP is still selling at low PEG ratio of less than 1. I have some money in that one, and they are the biggest miner of everything in the world, (sorry Big, I know uranium ain't oil)
jim black austin tx |
