Gamble of the week: A beaten-up oil play

The shares in this oil company have taken a hammering. But there is cause to be optimistic, says Phil Oakley.

If you own shares in a company, it goes without saying that you don't want to hear bad news. Shareholders in this oil company have had bucket loads of it recently. At the end of July, the company suspended its chief executive and chief operating officer it is investigating whether or not they have been paid money from an unauthorised source.

The situation deteriorated further last week, when the ongoing fighting in Kurdistan forced it to suspend operations at its key project in the country. It wasn't producing much oil, but was expected to make a big contribution in the years ahead.

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Phil spent 13 years as an investment analyst for both stockbroking and fund management companies.

 

After graduating with a MSc in International Banking, Economics & Finance from Liverpool Business School in 1996, Phil went to work for BWD Rensburg, a Liverpool based investment manager. In 2001, he joined ABN AMRO as a transport analyst. After a brief spell as a food retail analyst, he spent five years with ABN's very successful UK Smaller Companies team where he covered engineering, transport and support services stocks.

 

In 2007, Phil joined Halbis Capital Management as a European equities analyst. He began writing for MoneyWeek in 2010.