(11-12-2013, 08:30 AM)Gator Wrote:

(11-12-2013, 08:01 AM)Palm Wrote: As good are 1. The announced drilling plans; Raptor, Wahoo, new Bobcat (between EA and Tri) and other prospects to meet license requirements. 2. With the pull-back on cash expenditures their unrestricted cash is of course down, but nowhere near what fear-mongers were projecting. Hession has come in and taken hold of the reins.

Cash is down and they used almost all of the August secured loan available for drilling ($34.6 of $37.5 Million), but the entire $80 million non-recourse and $87.7 of the working capital loan is available.  They will not run out of cash before the monetization of E/A announcment by year end.

To that end, there is no timing commitment for the planned wells other than the well with PRE, now announced for the first quarter.  The sooner a selldown agreement occurs the sooner the drilling starts.  That said, until selldown we can't expect much activity on the ground as there isn't much cash available and the new financing doesn't kick in until the PSA occurs.

'admin' pid='31381' datel Wrote:A gain on Flex, actually a near double, wow! ["1 well in APRL39"]? APRL39?? Haven't seen that before, but that could be me.

Subsequently referred to as Triceratops.  The A stands for ...???... Almost?  I believe we can thank the Almighty it isn't "SPRL" because the S might stand for  "soon".

'TxPm' pid='31373' dateline='<a href="tel:1384208 Wrote:Anyone that expected a partner announcement today hasnt been following IOC for long enough. Personally I am quite pleased with todays report. Partner announcement by EOY should boost the pps considerably over the next few weeks. Drilling plan and financing addresses two of biggest issues I have heard from people. Cash should no longer be an issue for the firm as we have financing in place now to hold us over until the SD. The new drilling plan has IOC doing what IOC does best and that is finding the gas & hopefully soon Oil. 2014 should turn out to be the year IOC's pps finally begins to trade at fair value

Very well said!!  This fits the rationale previously noted very well restated here:1) Hession comes on board and doesn't like the terms he sees. 2)  he sees that he needs to stall until exclusivity expires. DONE. 3) he now has freedom to work a much better deal with multiple SMs which has taken a lot more time and work to evaluate. ALMOST DONE 4) he is preparing the rest of the business to quickly expand the resource base to start queuing up a series of opportunities and deals in the project delivery funnel. IN Progress.  This last.step gets repeated over and over.  When the market fully wakes up to this reality of the huge value potential and few shares that are available it may go nuclear.  I believe!

'Palm' pid='31378' datel Wrote:

From the MD&A, a few more details:

• On July 16, 2013, we entered into a Settlement and Termination Deed with Mitsui following the

termination of the CSP JVOA on February 28, 2013. In accordance with the deed, we repaid Mitsui

$34.4 million in relation to the cancellation of option to acquire interests in the Elk and Antelope fields,

and Mitsui’s share of capital expenditure incurred on the condensate stripping facilities, the unsecured

loan, together with interest thereon. The facility has now been fully repaid and all security provided to

Mitsui discharged.

• The work program undertaken on behalf of OSE in the combined seismic over their PPL338 and our

PPL237 licenses was completed. OSE has requested additional lines be acquired on their behalf in the

coming quarter. We will continue to act as the operator of the work program under a data sharing and

joint processing arrangement. During the quarter, previous seismic data obtained from DPE archives

over the Raptor prospect in PPL237 was reprocessed. With advances in technology the reprocessed

data will provide a better understanding of the prospectively of the acreage and identify well locations.

• Subsequent to quarter end, a multi-well drilling and seismic work program and budget was approved by

our Board. The work program consists of six wells (1 well each in our prospecting licenses PPL236, 237

and 238, 2 appraisal wells in PRL15, and 1 well in APRL39), plus a seismic program in Triceratops east,

southwest Antelope and a new prospect Bobcat located on PPL238.

• Subsequent to quarter end, on October 24, 2013, we entered into an Exchange Agreement with PNGEI

to buyback their 4.25% indirect participation interest percentage under the Amended Indirect

Participation Interest Agreement dated May 12, 2004, including their interest and rights to future

distributions in exchange for 100,000 of our common shares.

• Subsequent to quarter end, on November 11, 2013, we entered into a $250.0 million secured syndicated

capital expenditure facility led by Credit Suisse AG related to the approved seismic data acquisition and

drilling program. In addition to Credit Suisse, the participating lenders are Commonwealth Bank of

Australia (“CBA&rdquo, Australia and New Zealand Banking Group Limited (“ANZ&rdquo, UBS AG, Macquarie

Group Limited (“Macquarie&rdquo, Bank South Pacific Limited (“BSP&rdquo, BNP Paribas and Westpac Bank PNG

Limited (“Westpac&rdquo. The facility is secured by our existing Upstream and Corporate entities. The

facility bears interest at LIBOR plus 5.5% margin on the drawn amount for the first six months. After the

first six month period the margin escalates 2.0% every two months to a maximum of 11.5% in the last

two months of the 12-month term. The facility is payable in full (within a certain timeframe) upon any sale

or disposal of our interest in the Elk and Antelope fields.

• On September 10, 2013, we sold our investment in FLEX LNG shares for $7.8 million, resulting in a gain

on the investment for the nine months ended September 30, 2013 of $3.7 million

As at September 30, 2013, we had cash, cash equivalents, and restricted cash of $79.3 million (September 30,

2012 – $96.7 million), of which $38.9 million (September 30, 2012 - $39.6 million) was restricted. Of the total

restricted cash of $38.9 million, $27.3 million (September 30, 2012 - $33.6 million) was restricted pursuant to the

BNP working capital facility utilization requirements, $11.2 million (September 30, 2012 – $5.6 million) was

restricted as a cash deposit on the secured loans (ANZ, BSP and BNP syndicated secured loan facility as at

September 30, 2013, and OPIC facility as at September 30, 2012), and the balance was made up of a cash

deposit on office premises together with term deposits on our PPLs."

Oil Search requests additional lines of seismic.  Must like what they saw when the first one was completed.

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'Palm' pid='31389' dateline='<a href="tel:1384210 Wrote:Other great thing is the confirmation that there is absolutely nothing leaking out. The new loan facility was negotiated and closed to the complete surprise and bewilderment of the shorts and fear-mongers here and on Yazoo. "Surprised they could get that done". It's a new era; I think we should take comfort in how Dr Mike is going about things. Deal in facts and only speak as necessary. I also like how they are disclosing the quarterly info in comparison to prior quarters in the segment info. Note how they disclose the capital expendistures in better detail, and in the segment info they give amounts per quarter instead of the old increase/decrease amounts, and the explanations are MUCH better. This company has grown up a lot since July when Dr Mike came aboard. Much to like about Mike.

Ditto that.  Also last quarter they were very late getting their report out "after market close".  If I re call it was the wee hours the next day.  That upset me.  I aalso like that he's starting tHe cc well before the open.  I'm liking Dr Mike more by the day too