In this EMTV story from yesterday O'Neill states that to avoid idling 8,000 workers from the PNG PNG project the IOC 2nd LNG project will be fast-tracked so that 3% of GDP will not be affected.:

"8000 LNG workers to be laid-off

on Thursday, 27 December 2012. Posted in News

Why bother PalmPump!! Then why is pps sucking wind??? Huh!!! Ya wonder why those trusting fundamentals of the LNG Mkt and resource, checked boxes through this SD/sell-out process and, YES, management's comments are confident, holding and adding.  The ignorance, liars and mis-information will play well into our holdings values. That, after-all, is what makes the market. The ignorance, liars and mis-information. And some think Mr. Mkt. has this pps right??

Palm - Thanks for the info ! However, sometimes I think "fast-tracting" for the PNG gov. means 4 years instead of 8 years . (They move like turttles) !  If someone more experience than me could get Colin or Dave to just give us an update on the present depth of Ant 3, and a spud date on Elk 3, I would really appreciate it. I believe we are entitled to that at the very least . Many thanks.

'Palm' pid='15339' datel Wrote:

In this EMTV story from yesterday O'Neill states that to avoid idling 8,000 workers from the PNG PNG project the IOC 2nd LNG project will be fast-tracked so that 3% of GDP will not be affected.:

"8000 LNG workers to be laid-off

on Thursday, 27 December 2012. Posted in News

Over eight thousand nationals are expected to be laid-off when the construction phase of the PNG LNG Project ceases.

To avoid this, the national government is now taking measures to create job opportunities for retrenched professionals.

One such move is fast tracking the commercialisation of the Gulf LNG Project."

http://www.youtube.com/watch?feature=player_embedded&v=hot4dZughuA

Doesn't sound like EWC is in the running for the first phase does it?  Sounding more and more like a Shell buyout and them building a stick plant.

Me again- Speaking of Elk 3, someone on our board recently comented on our second rig. I can't remember who (sorry), but they said we had purchased the rig 3 years ago , for lots of our cash,and then spent a lot more cash to refurbish it to a higher use capability. Then ...nada for all this time !! I have (for almost 4 years) thought our BOD and mgtm were sharp folks , but (forgive me), I am begining to doubt my beliefs .I sure hope I am wrong !

'sageo' pid='15348' datel Wrote:

Me again- Speaking of Elk 3, someone on our board recently comented on our second rig. I can't remember who (sorry), but they said we had purchased the rig 3 years ago , for lots of our cash,and then spent a lot more cash to refurbish it to a higher use capability. Then ...nada for all this time !! I have (for almost 4 years) thought our BOD and mgtm were sharp folks , but (forgive me), I am begining to doubt my beliefs .I sure hope I am wrong !

They are sharp folks Sageo, and have been doing what they can to conserve resources and avoid going to the capital market unnecessarily.  They have instead spent money very wisely on seismic work which has proven to be very wise dollars spent.  Since Elk 4 IOC has done nothing but hit homeruns when they have drilled; Elk 4, Ant1, Ant 2, Tri1 and now Ant3 with Elk3 on tap.  Others in PNG have had marginal success in comparison.  Originally the new rig was scheduled to drill Ant3, but the rig from Tri1 was heliported in instead.  That should tell us something; that the doubt was there on the continuity of the Ant structure and was hurting bidding, as silly as it seems (as Pet mentioned, all data pointed to the fact that Ant is a continuous structure, but critics and hedgies were saying there could be water there instead.).  Ant3 needed to be drilled for more than just license spending requirements and getting this rig to Ant3 was important.  The new rig is reportedly now in place at Elk3 with approved delayed drilling to maximize drill crew efficiency and conserve resources.  The new rig was not heliportable; we knew that from day one but IOC was able to get a good price on it when they secured it.  Roads needed to be built to Ant and Elk and that's never a quick process in PNG.  IOC now has a government that supports it more than ever and seems to have patched things up with Duma and others.  They are doing what is necessary to conserve funds and get deals done IMHO.  I'd love for things to be further along, but I also think mgmt is being very tight-lipped for a reason; they don't want to leak something that messes up negotiations.

Palm- Thanks for your words . I guess frustration is harder to deal with at different times . You are right in your coments. Just getting "ants in my pants" to hear some of our coming great news!!!