What is so incredulous is that the deception is full page of IOC's Web site.  Go to the Investors and Media category and select any option available.

What you see is a picture of RIG#3 at drilling pad exploration site Wahoo. The prior photo illustration showed it seaside on the past Web site.

Note the centered name of the rig.  Gump @ Yahoo has pick up the story some 3 hrs ago.

Industry contacts in PNG have made this mention:

Rig 2 was cut into pieces by InterOil, it is currently rusting.

Rig 3 was sold by InterOil.  It is still in country, but no longer in possession of InterOil.

One may recall many years ago when a scam artist in Los Angeles Ca. was caught, prosecuted, and subsequently jailed.  The prosecutor reveled a interest tactic he use to fool investors in his business and home cleaning firm.  After paying a security company guard a bribe, he invited a group of prospective investors into a building that he did not own, nor have authorization to use.        

The intent was enhance the deception by using surroundings that were solid, secure, and represented success. It worked.

For some of us, what IOC has done, and continues to do, is the electronic version of the fraudulent practice employed by that Los Angeles con man.

The continues pattern of behavior is supported by the continues pattern of intent,  IOC management was not willing, nor did they, disclose information on a material asset engaged in the "pure focus" of IOC's core strategy of upstream exploration.

A picture of a "lollipop" for American investors.  It even has the eye pleasing red, white, and blue colors all over it.

For them to think it would all NOT be revealed for what it is falls into the amazing category.

'Tusker' pid='70851' datel Wrote:

What is so incredulous is that the deception is full page of IOC's Web site.  Go to the Investors and Media category and select any option available.

What you see is a picture of RIG#3 at drilling pad exploration site Wahoo. The prior photo illustration showed it seaside on the past Web site.

Note the centered name of the rig.  Gump @ Yahoo has pick up the story some 3 hrs ago.

Industry contacts in PNG have made this mention:

Rig 2 was cut into pieces by InterOil, it is currently rusting.

Rig 3 was sold by InterOil.  It is still in country, but no longer in possession of InterOil.

One may recall many years ago when a scam artist in Los Angeles Ca. was caught, prosecuted, and subsequently jailed.  The prosecutor reveled a interest tactic he use to fool investors in his business and home cleaning firm.  After paying a security company guard a bribe, he invited a group of prospective investors into a building that he did not own, nor have authorization to use.        

The intent was enhance the deception by using surroundings that were solid, secure, and represented success. It worked.

For some of us, what IOC has done, and continues to do, is the electronic version of the fraudulent practice employed by that Los Angeles con man.

The continues pattern of behavior is supported by the continues pattern of intent,  IOC management was not willing, nor did they, disclose information on a material asset engaged in the "pure focus" of IOC's core strategy of upstream exploration.

A picture of a "lollipop" for American investors.  It even has the eye pleasing red, white, and blue colors all over it.

Thanks Tusker,

'ioc.aussie' pid='70868' datel Wrote:Gross is correct. Question is ... Hession has run this company into the ground, it has no income only growing debt. it looks like he has been shopping it around out of desperation and so far Botten is the only taker , thus this deal. If There is 10Ts or more Gross, it should be saleable to any Super major who wants a foothold in the future of PNG as a major player and next to the biggest market. I am surprised no other bids.

If you take a look at the non-solicitation and exclusion statements int he agreement, you will see that the BOD has elected to render themselves impotent and prevent themselves from any further action in the shareholders best interests. (The fact that there is zero evidence to support the hypothesis that this BOD ever had the best interests at heart is moot fro the point of this discussion)

The fact is that even if anothe bid were to come, the BOD cannot do anything about it, and Hession and his team wouldnt want to do anything about it, because it might slow down their payout.

What should have happened, is that before any agreement was reached with OilSearch, the BOD should have brought the full details of ALL the bids to the Shareholders at the AGM.

However, even before that, before any discussion even started with OilSearch, before any access to IOC proprietary data was provided to a competitor (yes, that is what OilSearch actually is), the BOD should have brought the matter to the shareholders.

I guess this would have forced them to tell the truth about their finances, but they were not going down that path.

for over a year I have been warning people that IOC was in serious financial trouble, but I was being ignored.

Thanks to Admin, I finally have access to this forum (Thanks Admin, if you are ever in Seattle, look me up and we will go see a game.)

Not arguing . Its obvious this has been carefully planned, and for a quick exit. they would have had expert legal advice  before accepting the deal.

So, we have to consider what is best for shareholders. back to the resource CVR and worth.

'ioc.aussie' pid='70872' datel Wrote:

Not arguing . Its obvious this has been carefully planned, and for a quick exit. they would have had expert legal advice  before accepting the deal.

So, we have to consider what is best for shareholders. back to the resource CVR and worth.

I did not mean to suggest you were arguing, if it appeared like that, I appologize. 

I agree, they have been planning a sellout for nearly three years, and this particular venture for over a year. Whilst I agree that safeguarding the PPS is important, (I am invested also) what is equally important is that the perpetrators of this are held to account. We need to clean house, and then we can work on the way forward with a clean path ahead of us.

With a successful resolution and a new BOD we will be able to address the debt issues and more IOC forward with a team that can actually do the work in country to get the PPS back up.