My take on the call this morning is a little different than others perhaps.  Like everyone else,  I was impressed with Hession and the call in general.  It was better and more candid than anything I had anticipated.

For me, the biggest tell on completing a sell down transaction was the $250 million.

1) I can't imagine Hession, who seems to have a tight grip on expenses, would proceed with taking on that debt burden if he were not confident it would be repaid soon from up front cash proceeds.  I would not be surprised to find out a deal(s) was virtually done except for the ink....or maybe PNG govt approval & the ink.

2) Collin's comment near the end of the call suggesting bankers have done their due diligence indicated that perhaps they know what we are soon to find out.  On what basis would top tier banks make such a loan to IOC?  While they may know and respect Hession, It would seem they would not make such a loan on the basis of "I promise we will complete the sell down soon." I'm not a banker but I would imagine there has to be a great deal more substance (collateral) behind the loan.

It feels more like an advance on what they know is soon coming.  Additionally, with Hession being well aware of IOC''s checkered pass of missing self imposed deadlines, I can't comprehend for a moment he would put his own deadline out there unless he was damn sure he was going to meet....or beat it!  It would be career suicide to blow this self imposed deadline.

I think Hession was on this call with 2 pockets aces and I wouldnt be surprised one bit to see him underpromise and overdeliver on this deadline.  He did say it could be final any day!

'ltinvest' pid='31564' datel Wrote:

My take on the call this morning is a little different than others perhaps.  Like everyone else,  I was impressed with Hession and the call in general.  It was better and more candid than anything I had anticipated.

For me, the biggest tell on completing a sell down transaction was the $250 million.

1) I can't imagine Hession, who seems to have a tight grip on expenses, would proceed with taking on that debt burden if he were not confident it would be repaid soon from up front cash proceeds.  I would not be surprised to find out a deal(s) was virtually done except for the ink....or maybe PNG govt approval & the ink.

2) Collin's comment near the end of the call suggesting bankers have done their due diligence indicated that perhaps they know what we are soon to find out.  On what basis would top tier banks make such a loan to IOC?  While they may know and respect Hession, It would seem they would not make such a loan on the basis of "I promise we will complete the sell down soon." I'm not a banker but I would imagine there has to be a great deal more substance (collateral) behind the loan.

It feels more like an advance on what they know is soon coming.  Additionally, with Hession being well aware of IOC''s checkered pass of missing self imposed deadlines, I can't comprehend for a moment he would put his own deadline out there unless he was damn sure he was going to meet....or beat it!  It would be career suicide to blow this self imposed deadline.

I think Hession was on this call with 2 pockets aces and I wouldnt be surprised one bit to see him underpromise and overdeliver on this deadline.  He did say it could be final any day!

Spot on my man...spot on