Here is a cautionary tale from the oil and gas industry. Tullow Oil’s business model is predicated on discovering 200m barrels of oil equivalent every year and a new exploration basin every three years. Tullow has done so consistently over the past decade. That put its shares into overdrive up to 2012. Tuesday’s news of fresh discoveries in Kenya highlighted its record again. Yet Tullow’s shares have tumbled 50 per cent in the past two years despite no change to either model or execution. Investors are overlooking the company’s core attractions. (Read more… http://www.ft.com/intl/cms/s/3/7ac6e164-7de3-11e3-b409-00144feabdc0.html#axzz2qPCxuB8G)

(English, Article, 2014)

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