"cold sweat"

[Getitrt2]

Are we allowed to discuss negative implications on IOC here? Aside from that, I'm sure you will get positive replies from the resident SHU cheerleaders to alleviate your concerns and cold sweats.

1) You are allowed to discuss anything relating to IOC positive or negative, however

2) If, like this post, doesn't add anything as you not address the topic of the thread, nor provide any other info or opinion, substantiated or not, but chose to instead resort to derogatory comments on others.

3) I'm having to do this in public because in previous occasions when I just removed such messages you claimed not to have been derogatory and/or provide useful info..

Actually, I found Kommon's remark kind of amusing and thus not without redeeming social benefit.

Here's my view on the $8MM/mo:  Where is it going?  The last report I recall had seismics being completed.  Not there. As we all know the arbitration is over and IOC's drilling operations have been shut down.  Not there either. They no longer have service stations or a refinery.  The construction crews used to prepare sites were dismissed long ago.

Too bad we don't have a GAO (different SHU board) to ferret out waste fraud and abuse.

We do have an annual meeting in the summer.  Maybe this issue will become mute before that time.  If it doesn't I doubt I'd have any reservations asking a pointed question from the mike.

The comments of 2126 should be helpful for you.  Just because they are not now doing the drilling, testing, and other related work for the appraisal and project work by Total does not mean they do not have to pay their share.  They said they have eliminated unnecessary expenses.  Are you calling them liars?

[Putncalls]

I betcha the officers are having a good time while Total does all the work.

[ArtM72]

2126's comments are well taken, insightful and rational. All these things should be done, and maybe great progress is being made. Where though is any evidence of that progress? Pretty much all we've seen is a close down of discovery and appraisal operations after completion of the minimum amount of work necessary to maintain IOC licenses. With three discoveries outside PRL15 and (as far as I can tell) a High Arctic rig sitting idle IOC doesn't even appear to have a single appraisal drilling site selected much less being prepared for spudding.

Thank heaven we have Total working for us. I hope.

[Getitrt2]

2126's comments are well taken, insightful and rational. All these things should be done, and maybe great progress is being made. Where though is any evidence of that progress? Pretty much all we've seen is a close down of discovery and appraisal operations after completion of the minimum amount of work necessary to maintain IOC licenses. With three discoveries outside PRL15 and (as far as I can tell) a High Arctic rig sitting idle IOC doesn't even appear to have a single appraisal drilling site selected much less being prepared for spudding. Thank heaven we have Total working for us. I hope.

Well, which is it you want them to do, spend less or more?  They announced their plans for priority on E/A and for expense reduction and cash conservation pending more certainty on future cash and timing.

Just because they haven't announced any sites or such (not currently material), it does not mean they have not been working on such planning.

What more is it you want, perhaps a complete weekly report on all work accomplished in the Company, unlike any other company in the world, including Total?

We should be getting the fourth quarter and year-end report in a couple of weeks, with a significant update on things, beyond the recent update on Ant. 6.  Why wouldn't you wait until then to complain about what you don't like or get?  I am sure you will find plenty.

[kommonsents]

Trying to figure out if this is the kind of post what admin wants or not. Probably is....or is it more a personal attack or discussion of the issue....hard to figure, so much of this....

[admin]

Trying to figure out if this is the kind of post what admin wants or not. Probably is....or is it more a personal attack or discussion of the issue....hard to figure, so much of this....

I think you know the difference, Kommon..

[sageo]

The information we need will be on the call and in the MD&A . Some level of disclosure will be made as where the money has been going and estimates of where it will go and an analysis of the need for loan use or not . On the last call the CFO thought they could get to the payment receipt without loan use . Being the man in charge of expenses he would know more than anyone else . Therefore we must await his latest take on expenses and loan use or not . If the loan is needed to find pre work on the LNG plant that's a very very good use of funds , An even larger loan amount to be used for pre works is also an excellent use of funds . In fact any use that's gets us closer to cash flow is an excellent use of funds . Today we just do not know answers .

       Thanks Jft- Your last 7 words ring true...."Today we just do not know answers" .

[jft310]

Thus I suggest we wait to discuss financials including loan balances till the earnings call . Fidelity shows March 24th no official word yet .

[sageo]

To my "humble" opinion IOC's Ca$h outflow is more likely significantly higher than $10 Million per month in order to pay their share of costs for "Early Works" that will be undertaken in 2016. I believe that IOC must increase the $300 Million Line of Credit NOOS (up to $400 million at Libor +6%) or get off the pot and sell down one or more of the other assets for pennies on the dollar ( T, B, R, W ) with future payments pegged to certification. OR ... sell gas to PNG LNG for their expansion. I agree with Sageo that cold sweats are in order until Dr Hession wakes up from his persistent somnambulation and acts on behalf of shareholders instead of for his own benefit.

Stavros- Good am to you sir. Boy,was I so wrong ! In my original "cold sweats",I calculated that we would have unborrowed cash to use until the end of the third quarter of 2016 .It turns out at the end of 2015,we are already 48 million into "interest bearing money" ....wow ! Now that the 1st qtr of 2016 is ending,it would be interesting to know how much more is gone . My 8.3 million per month sure seems trivial at this point in time. You are probably right that IOC will need to increase the line of credit. Best to you and all our patient shareholders .