Forum Archive Index - February 2000

[terry mitchell <tymitchell@techemail.com>]

Nick,
I think you and other speculators are 'whistling in the wind' where Frontier is 
concerned. I noticed that the price started rising in December but you will 
probably be waiting a long, long while because Frontier Petroleum is still an 
ongoing operating oil exploration concern with interests around the world- and 
it is not easy to divest that without some publicity about it. And it also does 
not make sense to carry on world-wide oil exploration while dabbling in, say, 
e-commerce in New Zealand. 
Furthermore, Eric Watson does not have a majority shareholding in Frontier and 
it is doubtful whether he can command that majority. As far as I know, he 
currently has about 23% of total stakeholding in Frontier through NZ Petroleum 
and Eldercare. To give up all its oil rigs and embark on a new direction would 
need support from the rest of the shareholders of Frontier, and this is not as 
easy as would be the case with AQL where Watson and his mates, Wikelely and 
Sorenson together own some 52% of the company.
Watson is an astute businessman and entrepreneur. He has interests in all 
sectors -IT, health, retail, bloodstock, finance and so why not oil too 
especially if there is a rich find somewhere with rising oil prices and 
everything.
It is my belief that the recent speculation on Frontier is not only well off 
the mark and misplaced but also a bad call by many NZ investors.

Regards
Terry


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