Investor Chronicle Newsletter, New York, January 25th 2010
"Shiloh Oil can do without these sorts of rumours," says an article in today's edition of the subscription-only newsletter "Investor Chronicle", commenting on an item coming from an unidentified source in Thibaw reporting an alleged spat between this US Oil Company and the authoritarian government of the "Hermit Republic". Reportedly an American Shiloh staff member got arrested and deported after the company confronted the Thibawan government on the issue of bribes.
"Shiloh usually keeps a low profile and tries to get on with governments, regardless of their ideological orientation," wrote Steve Bradshawe, the Newsletter's editor. "It just concentrates on geting teh job done and enhancing the bottom line. That's why investors like Shiloh - and that's why they're reacting negatively to teh current news."
Negative market reaction has resulted in Shiloh shares closing at 6.79, down from 6.87 at the start of the year.
"Shiloh is going to need to mend a lot of fences in Thibaw if it's to have any hope of getting future acerage there," said a market insider who did not want to be identifued. "First they drill a string of dusters, now they offend Thibaw's government. They need to be very careful!"
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