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+--- Thread: History from Iluv (/showthread.php?tid=417)
- Palm - 02-23-2012
Just saw on Yazoo where one of the old posts that one of my copycats bumped, Callyou rebumped regarding something Iluv posted many years ago regarding Triceratops and how IOC came to get the 8.5 million acre licenses. Very interesting; this was from Nov 2006:
"Are you aware that Triceratops has commercial quanties of Gas? I guess not. Did you know that BP drilled and caped that well in 1964.The price of gas at that time and the tax regiment of the PNG was not favorable to bring product to market.How things have changed.China has already indicated the would take all that can be produced.Plenty of other interest as well!! I asked a Senior Manager at IOC why they simply did not drill 10 feet from the original well to hit pay.His answer was part of the agreement with the PNG Govt was both discovery and development.Drilling next to the old well would not be discovery, thats why they drilled 2 klicks away to determine the SIZE of Triceratops.They almost hit the mother load and will be back.Merryl Lynch and IOC have been working on this gas project for over 4 years. The reason why the majors lost the 50 year leases for the 8.5 million acres of drilling rights to IOC was the PNG Govt was tired of these big companies holding these leases and not doing anything with them.The PNG Govt approached IOC and worked out an agreement with them for exploration and discovery.IOC then convinced the PNG Govt to change how they taxed the recovery of hydro-carbons and the PNG overnight became a VERY interesting play.I can not understand how uninformed the shorts on this board are.When I see Lemon Rag simply lie about the facts I know how doomed they are."
I can see why iluv gets frustrated sometimes; he (and Tusker and some others) know so much history on IOC, and it's very reassuring that they are still in the stock. Thanks to those "historians" of IOC for being the loyal and patient sholders, and for putting up with the likes of Eric and others that have doubted and been very wrong over the years.
Maybe when this all happens Iluv, Tusk and some others will write a book about this adventure and what it took to make it all happen. Half kidding, but half not.
- jft310 - 02-23-2012
Damm The Torpedoes Full Speed Ahead says the Captain.