I think IOC is finally going to cash in on its resource base. Pretty sure there is at least a triple/quad in it by say 2014/2015 but should get a big pop (maybe a double or more) on news that they have signed a partner and completed a sell down of Elk/Antelope. This is supposed to happen very soon - any day
The fact that PRE partnered with them says the coast is clear as far as PNG governement interference. That, plus 3 big investment bankers and many serious bidders says IOC is coming to fruition.