'Gator' pid='63912' datel Wrote:

'2126' pid='63910' datel Wrote:

Some of the 'bad news' press releases in the last year:

IOC Discovery at Raptor 1 (11/14)
IOC Discovery at Bobcat 1 (12/14)
OSH Arbitration Claim Dismissed (2/15)
E/A Joint Venture Selects Sites (7/15)
Total Assumes Operatorship of E/A (7/15)
Antelope 5 Results Suggest High Quality Reef Extends West (8/15)
Antelope 4 Side Track 1 Spud (8/15)
Successful Flow Test at Triceratops 3 (9/15)
Second Rig Joins E/A Appraisal Work (10/15)

All that and $39 will get you a share of IOC stock (which is down over 50% from the transformation deal.)

Most everything on that list is not important. The only thing that matters is certification payment; When and How much. Neither of which can be answered 23 months after the deal.

You even list "OSH Arbitration Claim Dismissed (2/15)".  Arbitration and the delay that followed should never have happened.

You also list "Side Track 1 Spud" that is because there was a delay and "Second Rig Joins E/A" which is also the direct result of a delay.

Delays matter.

The JV did not decide to drill the Ant 4 sidetrack "because there was a delay', but rather because of the excellent results and additional opportunity revealed by Ant 4 in spite of the delays from a bad rig that had to be used but is no longer in use.  Good management makes appropriate changes as the facts and environent change, and decisions have been being made in coordination with Total.

'CAC' pid='63913' datel Wrote:

'Gator' pid='63912' datel Wrote:

[quote='2126' pid='63910' dateline='1445445065']

Some of the 'bad news' press releases in the last year:

IOC Discovery at Raptor 1 (11/14)
IOC Discovery at Bobcat 1 (12/14)
OSH Arbitration Claim Dismissed (2/15)
E/A Joint Venture Selects Sites (7/15)
Total Assumes Operatorship of E/A (7/15)
Antelope 5 Results Suggest High Quality Reef Extends West (8/15)
Antelope 4 Side Track 1 Spud (8/15)
Successful Flow Test at Triceratops 3 (9/15)
Second Rig Joins E/A Appraisal Work (10/15)

All that and $39 will get you a share of IOC stock (which is down over 50% from the transformation deal.)

Most everything on that list is not important. The only thing that matters is certification payment; When and How much. Neither of which can be answered 23 months after the deal.

You even list "OSH Arbitration Claim Dismissed (2/15)".  Arbitration and the delay that followed should never have happened.

You also list "Side Track 1 Spud" that is because there was a delay and "Second Rig Joins E/A" which is also the direct result of a delay.

Delays matter.

******

And I'm a little confused as to what the end-game is now.  I've heard Hesion say he thinks there is 17T's outside of E/A (of course, JFT calls it 54T's) and that we need to "go find gas; monetize it; and repeat"...but then after the "Wahoo whiff" he now says that they are going to minimize exploration drilling in favor of a "cash-saving mode" instead.  I'm not saying that either plan is right or wrong...just that they seem to be all over the map.

And they may "be all over the map" due to the $68 million payoff of the notes which is looming.  Pure speculation but earlier this year there was some expectation here that these notes would simply be kicked down the road with a refinancing.  However, with the Certification now moved/delayed until 2Q 2016 there may have been pushback and hesitation by lenders with the state of the industry right now.  The "easy" money likely isn't as available these days.  I agree with the move to contract operations in the current setting; just too bad things have been pushed back so far that further exploration outside PRL15 has been also kicked down the road.

'2126' pid='63910' datel Wrote:

Some of the 'bad news' press releases in the last year:

IOC Discovery at Raptor 1 (11/14)
IOC Discovery at Bobcat 1 (12/14)
OSH Arbitration Claim Dismissed (2/15)
E/A Joint Venture Selects Sites (7/15)
Total Assumes Operatorship of E/A (7/15)
Antelope 5 Results Suggest High Quality Reef Extends West (8/15)
Antelope 4 Side Track 1 Spud (8/15)
Successful Flow Test at Triceratops 3 (9/15)
Second Rig Joins E/A Appraisal Work (10/15)

I would suggest not a one of those items is either a result of the fundamental size of the resource or an announcement certifying that drilling work is falling further behind schedule.  When do we expect our first appraisal wells at Bobcat and Raptor or a new appraisal for Triceratops with subsequent spudding of T4?

None of that planning has been announced publicly.  Did Hession sign off on a deal to delay further exploration?  I sure would like to know something like that.

AND just why has there been NOTHING said about what they FOUND at Wahoo?  Did they find thick highly pressurized sand seams that would give drillers in the Bakken erectile disfunction?

Yeah, there's a lotta energy in Interoil's leases.  Trouble is it's value has been covered up with a lot of horse shxt ever since A2 results were first announced.

'Gator' pid='63916' datel Wrote:Getitrt2 I'm sure you have some incredibly insightful post on how great management is, but I have you on ignore. Please do not reply to my posts because I can not read yours. Thank you. Gator

Hmmm, Gator.  That certainly is a novel interpretation of board etiquette!  I not sure I understand the logic or utility but it's interesting for sure. If I understand correctly, you are saying that if A ignores B, and A makes a post which B finds worthy of comment, that B should remain silent because A won't read it.  There might be something out of kilter with the interpretation.  One factor to be considered is that a reply to A may not be directed solely to A.  It may also, or instread, be directed toward the other members of the board.

But, it's certainly an original idea.  Maybe you should ask Admin to rework the software so that B can't respond to a post by A if A has B on ignore.  Just to see what he says....