Bye bye IOC shares

[Palm]

So the MIC is wrong? You said earlier read the MIC and I posted what it said. So we both posted bogus info I guess.

[Palm]

I see where prior to an offer you can rescind and if IOC states in would be insolvent you can rescind, can you post where you can rescind whenever and for whatever reason? I don't mind at all admitting a mistake.

[Northoil]

[quote='Kaliboo' pid='79445' dateline='1487265168']

[Northoil, you make some good points, but even the court agreed that this company had done a poor job and the lead managment and BoD were not aligned with shareholders and had conflicts.  Once the refinery was sold and regular income ceased the clock began ticking.  Everyone - Phil, MH, this board - was very late in realizing that once the PNG LNG plant was running, then XOM ruled the country for any deals that might be made.  No one can compete with their low incremental costs to get gas to market, so they won't make any counter offers...ever.  As soon as MH realized that, then it was sell this bad thing ASAP and hope for the best.  So MH may not be as bad as this board has painted him. 

You are confusing "dilusional" with "forgetful."  I guess I would label your comment as "judgemental."  I had read and forgotton that indeed I cannot withdraw my dissent once the offer is made.  Legalese puts me to sleep.  But I suspect (if I read it correctly) if I don't respond to their offer in the time window, then the law says my dissent is automatically dropped as if I had participated and not dissented.  I may be wrong on that too.  I need to review that again, but if so, then it is exactly the same as withdrawing my dissent.  Lawyers please comment here.  So maybe that is where I got mixed up.  Again, I'm no lawyer and I am very tired of reading all this legal crap.  Apologies if I misled anyone.

Regarding $250MM not being chicken feed to XOM, I guess we disagree.  Of course it's a lot of money to individuals, and they want to keep the cost as low as they can.  But most deepwater subsea wells drilled and completed today cost more than this.  That's one well.  Heck I know of one that was over $500MM; one well ($650MM to be exact).  Definitely NOT chickenfeed in the scope of a single well.  This deal is not a well; it's an aquisition of a gigantic gas field (largest in 25 years in SE Asia per the news) and a gigantic lease position with high potential to more than double the resource size over the lifteime of the investment.  I wouldn't let that amount stop the deal if I were in charge.  With their $20 bln LNG plant, expansion is relatively cheap.  We'll be reading about large success wells in PNG by XOM and TOT in the years ahead.  So in the scheme of getting vs. not getting a steal of a deal that will extend the LNG plant by perhaps decades, I think it is chickenfeed to XOM; they won't let that stop the deal.  It's just not politically correct to call it chicken feed.  It's just my opinion.

___________________________________________________________

Kaliboo - I agree on the "judgemental" part.  Normally, I don't go there.  Also I suspect we have a lot of experiences in common and could swap stories into the night over beer if we ever met up.  Thus the "well-meaning" modifier.  It's just that you've thrown out a number of wild hairs that are not well thought out.  That's my judgement, anyway.  It must be your urge to publish your never-ending stream-of-consciousness.  Although you did vote dissent, which was grasping at the soggiest of straws.

It's just my opinion, but the very things you mention - the clicking revenue clock, the Exxon plant and their dominant position - didn't just happen and surprise everybody.  IOC knew what was going on,. Phil maybe resisted the idea of selling, so they brought in Hession.   In spite of all the brave talk of going it alone, which I think they had to say to keep their negotiating position, I don't think this was ever plan B.

Re: Chicken feed.  Yes, I know Exxon spends big bucks.  It could be they will pay something to make dissent go away, but they take $250 million very seriously.

For the record, I sold my shares between $49-50 a few days before the first vote.  I bought some cheap 50 and 60 March options to bet on A7.  I had 50 contracts for March 60's.  Would you believe someone bought 12 of my contracts last week at 15 cents? It saved me $170.  It wasn't you, was it?

[sageo]

Gentlemen - My thanks to you, one and all ,for your knowledgeable discussions .     Kaliboo- In your 3:12 am post today ,your ESP is 1000% correct . Your statement " We'll be reading about large success wells in PNG by XOM and TOT in the years ahead" is truth in it's simplist form .

 I probably won't make it to the "we", but some of my family will , and I would like for them to give "dear old Dad and Grangpa" a little credit for what I told them about IOC's assets  from 2008 to 2016 . I just didn't count on all the corrution and lies that would occur .

Thanks again guys . I guess this sorry situation will end soon,but I wish you all well . God Bless  " border="0" class="smilie" src="http://shareholdersunite.com/mybb/images/smilies/sleepy.gif" />

[Palm]

I still believe that the tipping point for IOC to have no final hope of getting to ownership in an LNG plant was when Hession was unable to secure the PacLNG minority interests and OSH slipped in. Hession's inexperience as a very average CEO in a cuthroat industry exposed him as weaak on likely not a good business partner. Once that happened Hession lost control of the situation and Total may have reassessed the desire to have IOC along. With the only real "local" company (OSH) now onboard IOC was expendable and very much a liability in any project.

Hession went on a spending spree and flubbed Wahoo, then created "discoveries" (Raptor, etc.) and started calling Ant a "giant", blah blah blah in an attempt to attract offers. OSH's offer was a real slap and a kiss of death symbolically, and the pink shirt seemed more than appropriate.

IOC HAD to sell out as no one wants it along or sees it as necessary or useful on its own. Financially it's in effect bankrupt; LIBOR plus 6% or whatever is anything but preferred rate. IMO their only value is as a sub of XOM to enforce the SPA terms.

[sageo]

I still believe that the tipping point for IOC to have no final hope of getting to ownership in an LNG plant was when Hession was unable to secure the PacLNG minority interests and OSH slipped in. Hession's inexperience as a very average CEO in a cuthroat industry exposed him as weaak on likely not a good business partner. Once that happened Hession lost control of the situation and Total may have reassessed the desire to have IOC along. With the only real "local" company (OSH) now onboard IOC was expendable and very much a liability in any project. Hession went on a spending spree and flubbed Wahoo, then created "discoveries" (Raptor, etc.) and started calling Ant a "giant", blah blah blah in an attempt to attract offers. OSH's offer was a real slap and a kiss of death symbolically, and the pink shirt seemed more than appropriate. IOC HAD to sell out as no one wants it along or sees it as necessary or useful on its own. Financially it's in effect bankrupt; LIBOR plus 6% or whatever is anything but preferred rate. IMO their only value is as a sub of XOM to enforce the SPA terms.

Palm - Thanks for your fine assesment ( true words) of some of our happenings in this story . Sageo

[Li'loilady]

Palm is wrong Our brokers dealers have informed us in writing that we can remove our dissent with a written letter of instructions . No biggie More bogus info posted

Yes, JFT but the key question here is what is the deadline to do so.

[Kaliboo]

[quote='Kaliboo' pid='79445' dateline='1487265168']

[Northoil, you make some good points, but even the court agreed that this company had done a poor job and the lead managment and BoD were not aligned with shareholders and had conflicts.  Once the refinery was sold and regular income ceased the clock began ticking.  Everyone - Phil, MH, this board - was very late in realizing that once the PNG LNG plant was running, then XOM ruled the country for any deals that might be made.  No one can compete with their low incremental costs to get gas to market, so they won't make any counter offers...ever.  As soon as MH realized that, then it was sell this bad thing ASAP and hope for the best.  So MH may not be as bad as this board has painted him. 

You are confusing "dilusional" with "forgetful."  I guess I would label your comment as "judgemental."  I had read and forgotton that indeed I cannot withdraw my dissent once the offer is made.  Legalese puts me to sleep.  But I suspect (if I read it correctly) if I don't respond to their offer in the time window, then the law says my dissent is automatically dropped as if I had participated and not dissented.  I may be wrong on that too.  I need to review that again, but if so, then it is exactly the same as withdrawing my dissent.  Lawyers please comment here.  So maybe that is where I got mixed up.  Again, I'm no lawyer and I am very tired of reading all this legal crap.  Apologies if I misled anyone.

Regarding $250MM not being chicken feed to XOM, I guess we disagree.  Of course it's a lot of money to individuals, and they want to keep the cost as low as they can.  But most deepwater subsea wells drilled and completed today cost more than this.  That's one well.  Heck I know of one that was over $500MM; one well ($650MM to be exact).  Definitely NOT chickenfeed in the scope of a single well.  This deal is not a well; it's an aquisition of a gigantic gas field (largest in 25 years in SE Asia per the news) and a gigantic lease position with high potential to more than double the resource size over the lifteime of the investment.  I wouldn't let that amount stop the deal if I were in charge.  With their $20 bln LNG plant, expansion is relatively cheap.  We'll be reading about large success wells in PNG by XOM and TOT in the years ahead.  So in the scheme of getting vs. not getting a steal of a deal that will extend the LNG plant by perhaps decades, I think it is chickenfeed to XOM; they won't let that stop the deal.  It's just not politically correct to call it chicken feed.  It's just my opinion.

___________________________________________________________

Kaliboo - I agree on the "judgemental" part.  Normally, I don't go there.  Also I suspect we have a lot of experiences in common and could swap stories into the night over beer if we ever met up.  Thus the "well-meaning" modifier.  It's just that you've thrown out a number of wild hairs that are not well thought out.  That's my judgement, anyway.  It must be your urge to publish your never-ending stream-of-consciousness.  Although you did vote dissent, which was grasping at the soggiest of straws.

It's just my opinion, but the very things you mention - the clicking revenue clock, the Exxon plant and their dominant position - didn't just happen and surprise everybody.  IOC knew what was going on,. Phil maybe resisted the idea of selling, so they brought in Hession.   In spite of all the brave talk of going it alone, which I think they had to say to keep their negotiating position, I don't think this was ever plan B.

Re: Chicken feed.  Yes, I know Exxon spends big bucks.  It could be they will pay something to make dissent go away, but they take $250 million very seriously.

For the record, I sold my shares between $49-50 a few days before the first vote.  I bought some cheap 50 and 60 March options to bet on A7.  I had 50 contracts for March 60's.  Would you believe someone bought 12 of my contracts last week at 15 cents? It saved me $170.  It wasn't you, was it?

No I have not bought any IOC options.  I think you were smart to sell when you did.  I came close but the righteous indignation part of me decided to go for the dissent.  The more I have looked at the MIC, Phil's presentation, YBCA 193, etc., etc., the more I realized I could be doing something much more enjoyable.   So now I await the lengthy payout period AND maybe the class action lawsuit some day that someone else will initiate.  I think there is a real good chance the CRP will be zero.  I don't look forward to getting the news.  XOM pps continues to drop and is kissing $82.  Maybe we'll get our shares at the bottom.  I read yesterday that global oil demand is HIGHER now than what the "peak demand" crowd was thinking it would be and by a good amount.  If so, that could be real good news in the 2nd half when the OPECers say the market will be "rebalanced."

Sure a beer would be welcome.  Oilfield is family.

I wonder what Hession's heart really was when he came to IOC back in mid 2013 before things went to crap?  LNG and oil prices were attractive then.  I think he thought he was going to do some exploration and hit it big and that companies would be beating the door down to team up and build an LNG plant and he'd find a BOE or more of crude oil.  But then exploration didn't go well.  He was lucky to get the TOT deal, but cash got tight.  LNG and oil prices crashed.  Suddenly his dream fell apart.  The companies knocking on the door didn't have much to offer and couldn't compete with XOM.  In my view XOM has played this really well, except they expected MH to be competent at getting the deal done.

Almost out of stuff to yak about on this deal.

[Kaliboo]

I still believe that the tipping point for IOC to have no final hope of getting to ownership in an LNG plant was when Hession was unable to secure the PacLNG minority interests and OSH slipped in. Hession's inexperience as a very average CEO in a cuthroat industry exposed him as weaak on likely not a good business partner. Once that happened Hession lost control of the situation and Total may have reassessed the desire to have IOC along. With the only real "local" company (OSH) now onboard IOC was expendable and very much a liability in any project. Hession went on a spending spree and flubbed Wahoo, then created "discoveries" (Raptor, etc.) and started calling Ant a "giant", blah blah blah in an attempt to attract offers. OSH's offer was a real slap and a kiss of death symbolically, and the pink shirt seemed more than appropriate. IOC HAD to sell out as no one wants it along or sees it as necessary or useful on its own. Financially it's in effect bankrupt; LIBOR plus 6% or whatever is anything but preferred rate. IMO their only value is as a sub of XOM to enforce the SPA terms.

Palm - Thanks for your fine assesment ( true words) of some of our happenings in this story . Sageo

  Well said Palm.  The final turning moment I should have punted was when OSH got their resource estimates and we saw 4 or so TCFE disappear into thin air.  It's been denial ever since until this last MIC laid it all out as not a reservoir drive issue at all.

[jft310]

There is no problem with Exxon buying the company but where are the Total payments???Partially Ignored.but not ignored by Exxon who is collecting the payments from Total and essentially using that money to buy all of Interoil .Shareholders have a right to those proceeds the Total proceeds plus the separate block of assets that Total did not buy that Exxon bought has real value. There are 2 blocks of assets and when added together are more valuable than the Exxon price.Therefore we are attempting without cost to us to collect part of that extra value. The Total contract has value.That value is not fully appreciated in the Exxon price.The Yukon Appeal Court stated the deal was substantially below value.Ignoring that and voting yes could prove very costly.
Some can accept this crappy deal and others have a different mind set.