'vidon' pid='36626' datel Wrote:I recall Hession said we would spud Wahoo in Nov 2013. I recall Hession said communications to shareholders, stakeholders, and the market would be clear and transparent. I can not say he actually promised the IPI would be done by end of Jan. but he sure did intimate it. Let's hope he makes an announcement soon or I agree the PPS will take another big hit. I believe the brotherhood of shorts would pounce on a non deal with both feet and lots of short selling.

On Wahoo, I don't recall and have not found a statement that Wahoo would be spudded in November.  I do recall an indication from somewhere that spudding for that was planned for 4th quarter.  At that point it was anticipated the heliportable Rig 2 would be moved from Antelope 3 to Wahoo, and Rig 3 had been mobilized to the site for Elk 3, but everything was on hold pending the on-going negotiations with Exxon and other bidders and further review of the drilling program.  Everything changed when Hession and his team obtained $250 million in new financing to aggressively expand and accelerate the overall appraisal and exploration programs, which were announced and laid out with the third quarter report and presentation Nov 12.  That new expanded plan changed the destination of the heliportable Rig 2 to Bobcat in the jungled foothills of the Gulf Province, and the destination of Rig 3 to Wahoo after building of a side road to Wahoo, changing the schedule of Wahoo spudding to first quarter for obvious reasons.   I don't think the rescheduling of Wahoo in connection with those greatly expanded drilling programs involving four to six rigs or more is an appropriate or justified subject for complaint or criticism, but rather on the contrary new plans and programs to be praised and celebrated.

Regarding the IPI/minority interest buyout agreements, Hession's exact wording per the Dec 6 conference call transcript was,
"I'm HOPEFUL that that will be finalized no later than January ... Let me try and continue to under promise and over deliver."  Some might call that a "promise";  I would not, although it certainly is open to that interpretation and creates an expectation and possible disappointment if not completed then.  I think it probably will be completed in the next week, but I know it is a very complex issue.  It is a prerequisite for closing with Total in the first quarter, but personally, I don't think going past that January date somewhat should be seen as a big event, although obviously others may view it differently.

'Getitrt2' pid='36631' dateline='<a href="tel:1390870 Wrote:

'vidon' pid='36626' dateline='<a href="tel:1390860 Wrote:I recall Hession said we would spud Wahoo in Nov 2013. I recall Hession said communications to shareholders, stakeholders, and the market would be clear and transparent. I can not say he actually promised the IPI would be done by end of Jan. but he sure did intimate it. Let's hope he makes an announcement soon or I agree the PPS will take another big hit. I believe the brotherhood of shorts would pounce on a non deal with both feet and lots of short selling.

On Wahoo, I don't recall and have not found a statement that Wahoo would be spudded in November.  I do recall an indication from somewhere that spudding for that was planned for 4th quarter.  At that point it was anticipated the heliportable Rig 2 would be moved from Antelope 3 to Wahoo, and Rig 3 had been mobilized to the site for Elk 3, but everything was on hold pending the on-going negotiations with Exxon and other bidders and further review of the drilling program.  Everything changed when Hession and his team obtained $250 million in new financing to aggressively expand and accelerate the overall appraisal and exploration programs, which were announced and laid out with the third quarter report and presentation Nov 12.  That new expanded plan changed the destination of the heliportable Rig 2 to Bobcat in the jungled foothills of the Gulf Province, and the destination of Rig 3 to Wahoo after building of a side road to Wahoo, changing the schedule of Wahoo spudding to first quarter for obvious reasons.   I don't think the rescheduling of Wahoo in connection with those greatly expanded drilling programs involving four to six rigs or more is an appropriate or justified subject for complaint or criticism, but rather on the contrary new plans and programs to be praised and celebrated.

Regarding the IPI/minority interest buyout agreements, Hession's exact wording per the Dec 6 conference call transcript was,
"I'm HOPEFUL that that will be finalized no later than January ... Let me try and continue to under promise and over deliver."  Some might call that a "promise";  I would not, although it certainly is open to that interpretation and creates an expectation and possible disappointment if not completed then.  I think it probably will be completed in the next week, but I know it is a very complex issue.  It is a prerequisite for closing with Total in the first quarter, but personally, I don't think going past that January date somewhat should be seen as a big event, although obviously others may view it differently.

i disagree, if you can't do it don't say it.  Should have been much more vague if he was not sure.

My memory is that Hession clearly said Wahoo would be spudded in November, 2013 and made reference to Dave Holland  in that comment.

Vidon -appears PET posted his weather report information to remind investors that our winter is PNGs rainy season.

It was stated on the call a road was being built from the govt highway to the wellhead for the rig. With all the rain that slows

things down. Weather influences drilling all over the world .The big picture is we have a massive drilling campaign about to start

and yes that will effect the stock price. Slipping a few days at worse on the buyout would not be world ending. Certainly does not

mean no deal will be cut . We have been waiting for years for this to unfold . The monetization of these fields and a big maybe

On a few more days would mean nothing to us.

Hession got us a good deal within the guidelines of the govt mandates. I luv that view if the situation.

(01-28-2014, 03:31 PM)vidon Wrote:

My memory is that Hession clearly said Wahoo would be spudded in November, 2013 and made reference to Dave Holland  in that comment.

Going back to second quarter reports in August, I've only seen references to fourth quarter and late fourth quarter, but what difference does it make?  The entire exploration program was expanded and changed as I explained above, including Wahoo.  What problems do you have with that?  What do you think should have been done differently?  Do you think you have enough information and expertise to even make such determinations?  I think Thylacine's comments apply.

'ebster123' pid='36673' datel Wrote:Getit, I believe what some take issue with is that IOC needs to learn for past experiences. The market does not like uncertainty, this is fresh meat for shorts regarding IOC. If there is any chance an expected timeline can not be met then IOC should not set or give a timeline. There was a timeline for IPI. If not met is causes potential uncertainty which is prey to shorts. We have seen this way too many times.

'ebster" -(T) - Good day to you,sir. Speaking of timelines for IPI resolution, MS on the"other board" has some thoughtful comments on this situation. IMHO also, the pps is speaking"volumes" at this moment in time. Good luck my friend.

'ebster123' pid='36673' datel Wrote:Getit, I believe what some take issue with is that IOC needs to learn for past experiences. The market does not like uncertainty, this is fresh meat for shorts regarding IOC. If there is any chance an expected timeline can not be met then IOC should not set or give a timeline. There was a timeline for IPI. If not met is causes potential uncertainty which is prey to shorts. We have seen this way too many times.

******************

My take on Hession's comment was that he believed he was being conservative when he said "by the end of January".  It seems to me that when he immediately added that he "wanted to continue to underpromise and out-perform"...he was explaining why the timeframe was pushed out as far as it was.  I inferred that he actually thought (at least at that time) that it would be done quicker than the end of January.