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[Putncalls]

OSH shares aren't so bad. They go up and everything

[Stavros]

Come on Putz.

You're missing the entire point again.

The Rotten Raw Deal undervalues IOC by over 30%, and must be voted down as if stands.

As Shareholders, once we get fair value, we can each decide whether to keep the OSH Shares or sell them

[Putncalls]

It makes me feel like I was robbed! It's like the farmer having his recent harvest taken by the guys who make steel.

[katytrader]

So what is the PNG government going to do when lawsuits and delays get in the way of development plans? Total is the government's new darlin' and Total, OSH, and the PNG government have big plans. Which don't include IOC. And the government owns the resources. IOC has no mineral rights and no leases. IOC doesn't own anything. The company presently has certain licences granted by the PNG government. And we shareholders are pressing the case, with potential litigation to prove it, that the management of IOC is incompetent at best, and maybe even a bunch of crooks. What, PNG might say?! This pissant company, entangled in law suits, run by a bunch of crooks, is in the way of PNG's plans for economic development??! Hmmm....

Well we're just entertaining ourselves here but who has succeeded in creating the opportunity by discovering the E/A field?  Isn't that sort of like the hen that laid the golden eggs?  Does PNG have some interest in putting Mulacek and Holland back in business in PNG looking for HC's.  I think they do.  In fact I think they, XOM, TOT and OSH all have interests in seeing Mulacek and Holland back working together doing what they did best.  Maybe PNG will think, we'll give those leases to Phil et all contingent on him finding more big fields.  But that worthless Hession and his BOD, we don't need those guys anymore.  They can't do anything for us.  Sounds a little harsh, but shouldn't PNG be looking at it like this?  As for us shareholders, who knows where we end up.  But I see opportunities ahead for PM and Holland.

PM already owns a tick under 20% of Kina Petroleum.

[ArtM72]

Come on Putz. You're missing the entire point again. The Rotten Raw Deal undervalues IOC by over 30%, and must be voted down as if stands. As Shareholders, once we get fair value, we can each decide whether to keep the OSH Shares or sell them

C'mon Stavros.  Do you really think 30%?  MAYBE 30% for the gas value in E/A, but that's zero for Papua LNG.  And of course that's zero for the company's future including TBR.  There's a reason why Hession spent all that money to get those PPLs current.

[Stavros]

So, how much Art?

If the current Rotten Raw Deal nets IOC Shareholders $60-65, then I'm suggesting $85 is the minimum acceptable Deal Value.

The issue, as Mr Maximus has spoken about, is that we still don't have a clue how much gas is in E/A!
This so-called "unlimited upside CVR" does not cover what IOC would get if TOTAL pays based on the current SPA terms.

So, for the 102nd time, I think we should get:

1. 10 shares of OSH per share of IOC - - - at the current OSH PPS, that comes to ~US$50
2. CVR at US$7.75 per Tcfe for E/A gas certified above 6.2 Tcfe - - - at 10.2 Tcfe, that comes to US$ 31
3. CVR Floor at US$ 30

Why 10 OSH Shares instead of 8.05? That gives us a value for resources other than E/A.

Why US$ 7.75 instead of US$ 6.05? That gives us a payment in-line with what TOTAL is obliged to pay under the SPA.

Why a Floor of US$ 30? That's what Hession said is contained in E/A (GLJ's mid Case) - WITHOUT ACCOUNTING for Antelope South. He made it an outright statement of fact on numerous occasions - - - he can't hide behind "Safe Harbor" pronouncements!

If we can get a Deal that's better than what I laid out above . . . all the better!