The whining is almost entirely related to Athena, which everyone who's done any DD on the company should understand. There are those that want to spin it to say that management is screwing up, but in the big picture, management has done a very good and prudent job on almost every front. Management has a plan and they are executing it. They started with Beatrice, bolted on Jacky with possibly more to add (Polly). They explored and developed/are developing low risk existing structures with Athena, Stella, Harrier and Hurricane. As they've gone along, they've added intelligently with good prices for Cook, Anglia, Topaz and Carna. Most importantly, they managed to survive '08/'09 when many others went under. Yes, there have been challenges, mostly wtih Athena producing only 50% of initial projections, but the oil is still there and will take longer to get out. The result is a lower NPV for the Athena asset. On the plus side, Athena proved that IAE can put a complex field on production from scratch and have probably learned some valuable lessons along the way. Management has certainly squeezed more out of the Beatrice complex than I'd have thought possible. They have also done a great job of keeping a strong cash position to hedge against any future financial crisis in the world and fund development.
What we have to look forward to is development of some really exciting fields in Stella, Harrier, Helios and Hurricane. I'd like to see them acquire some more fields with similar prospects (already drilled fields from back in the 70s and 80's that were never developed and who's leases expire) as that seems to be the forte of the team. I'd far rather own IAE than a company that massively overpays for an asset that already brought down another much larger company. Putting yourself in a vulnerable financial position with the banks these days is almost like suicide.