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+--- Thread: Material Information (/showthread.php?tid=7669)
RE: Material Information - CAC - 11-20-2014
'jft310' wrote - Ebster- who the heck on this Board has the information to tell the Interoil lawyers what is material information and what is or not?????That argument has no merit. [/quote]
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jft, this comment implies you have knowledge that the IOC lawyers have told management that they can't disclose the information PET listed. First, I highly doubt you really have that knowledge. And second, I believe the SEC requirements deal with what must be disclosed (i.e. A "minimum"
and not with what can be disclosed. There obviously could be strategic reasons that management might choose to stay quiet about certain things, but the idea that lawyers are telling them they are legally required to stay quiet makes no sense.
RE: Material Information - Palm - 11-20-2014
MH responses to questions on material items from the CC:
"Well, first of all, Evan, if we have something material to disclose, we will disclose it."
"What we want to do is as we go through, we work through, when we have something material or we have some real understanding of size of what we’ve got, we will disclose it to the market at the appropriate time."
"Chris, we generally got practice to start and talking about test, when you are testing. So what we prefer to do is, let this testing program run its natural course and then, I
would say, as we got material information, we will disclose it appropriately."
So from these statements there must NOT be anything material they are holding back. So since they have released Q3 earnings and there is nothing material that's not been disclosed, the buying window is open.
Another thing to keep track of is what may happen at Wahoo. In the conference call Laurie says:
"Now let’s turn to Wahoo-1 on slide 18. As you will recall, we suspended Wahoo-1 in July, following significant safety concerns over high pressures in the well as well as
gas influx. We continue a detailed review so we may return certainly and as quickly as possible to reach reservoir target. All options are on the table, including
appropriate well engineering to handle these high pressures. We are reviewing the complete well design, including mud weights and mud types."
In the MD&A it states:
"• PPL 474 - Wahoo drilling program
- Wahoo-1 exploration well is about 170 kilometers southeast of our Elk and Antelope gas fields.
- On July 14, 2014, we announced that we had suspended drilling the Wahoo-1 well in PPL 474 after
intersecting gas and higher-than expected pressures that could compromise rig safety. Significant
concentrations of methane, ethane, propane and butane were recorded, believed to be entering the
well bore from permeable zones above the predicted reservoir zone, which was yet to be
penetrated. Further drilling is required to confirm the presence of a reservoir below the current total
depth of the well before Wahoo can be considered a discovery. The State Department of Petroleum
and Energy approved this suspension to enable us to re-evaluate the drilling plan.
- We intend to resume operations following a detailed review of well engineering, equipment, options,
and following regulatory approval of our revised plans. Our current expectation is for the re-drill of
the Wahoo prospect to commence in 2015."
We need to be prepared for the possibility that the rig at Wahoo will be moved to a new location to start from scratch.
RE: Material Information - sageo - 11-20-2014
Pet- Your comments on Raptor and Bobcat are"right on". In my day (many moons ago).it was called "stonewalling" or incompetence,depending on the circumstances. What ever it is,it has been going on for a while now.Just don't know YET what is behind all of it.All imo....btw,good discussion gentlemen.
RE: Material Information - jft310 - 11-20-2014
'Relker' pid='52153' dateline='<a href="tel:1416401 Wrote:JFT- As far as I can see they did not touch the subject during 2014. The last information was in the annual report 2013.
Take a look at the last presentation slides . Look at say Raptor look at ownership under the name minorities . To stay an owner requires the partner to put up cash by a certain date . No cash no participation no longer listed as an owner as a minority partner.
RE: Material Information - jft310 - 11-20-2014
Who the heck are we to determine a buying window or not. LOL on that one.
RE: Material Information - johnwgrant - 11-20-2014
If BOBCAT were a "dry hole", does that amount to a "material event"?
One could argue that the market is valuing this prospect at zero, so, a dry hole is still zero --> nothing material to report.
BTW, I am guessing that we get some kind of update (on Raptor or Bobcat) before Thanksgiving. Whether it will be a "good news" update, or, a "sorry guys - we told you it was a 1 in 10 probability" update, I don't know....
RE: Material Information - Palm - 11-20-2014
A real update will come at the PNG conference in early December
RE: Material Information - calvin grad - 11-20-2014
I think we all believe Hession knows a lot more than what he is revealing. I wish he would say this is what we know and this is what we need to find out. He could have said this is why with old information we drilled where we did and with the new information we wish we had drilled in this location. We need to give him credit for no apparent leaks.i wonder though if the 4 big shareholders know more than we do.
RE: Material Information - jft310 - 11-20-2014
CAC the IOC lawyers review what can be said and can't be said especially on conference calls . Same at every publicly traded company . I have no specific knowledge about discussions between Interoil mgt and their lawyers .
I do have a working knowledge of lawyers putting a lid on things management wanted to talk about but management was advised to not talk about it . Happens everyday in corporate America.
RE: Material Information - Tree - 11-20-2014
'petrengr1' pid='52143' datel Wrote:.....My comment:
We have been told for some time we would get information when the wells were completed. I think on these two exploratory wells we should have been given at least this much information since this was supposed to be an update?
Raptor-1
1. Flow rate
2. Well head flowing pressure
3. Choke size
4. Bbl of condensate/MMCF
5. Absolute open flow potential based on the 4 point test.
6. Shut-in well head pressure and/or reservoir pressure.7. Log data
If this information is truly not available because the flow rate has not yet stabilized then the information should be provided as soon as the well is stabilized and before the test is terminated and the rig moved out.
Bobcat-1
This well was said to be logging several days ago. The logging should have been completed long ago. The log data is available immediately at the well site when the logging is completed.
I consider the following information material in this case.
1. Does the log indicated hydrocarbons in the limestone formation?
2. Does the log indicated this well is a dry hole?
3. Did we see hydrocarbons on the mud log as the pay zone was being drilled?
4. Does the log indicate the porosity is good enough to justify testing to determine commerciality or not?
IOC's policy on Material Information Disclosure is as stated:
"B. INSIDER TRADING
It is not ethical or legal to trade on material non-public information and InterOil Associates are prohibited from doing so. “Material” information is information that a reasonable investor would consider important when making decisions about whether or not to buy, sell, or hold the securities in question. Examples might include earnings estimates, stock and dividend activity, significant litigation exposure due to actual or threatened litigation, changes of control or management, pending mergers, sales, acquisitions, reserves numbers or other significant business information or developments.
In addition, InterOil Associates may not provide material non-public information to others, including family or friends, and allow them to trade on it."
Granted, the above is a non exhaustive list of what qualifies as legally defined 'Material Information' but it paints the spirit of what is 'Material'.
Completed and tested wells are Material Events and we can expect IOC will update at that time.
Blow by blow info is nice but in no way is it required or reasonably expected as upfront Hession stated when the market would be informed on these wells and that is when they are completed. Dealing real time data points to the marked would likely create even more confusion and volatility.