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I have found some good news

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I have found some good news
arthurbell Offline
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#1
10-24-2013, 01:45 AM

Dear fellow investors,

I was reading IOC's annual report to shareholders last evening and found a reference to investment in shares of Flex LNG Ltd.  I knew that IOC and Flex LNG Ltd. had a partnership at one point but was unaware of an investmentment.  I took to my computer and Google and found a website that says in September a company called Interoil Finance Inc. sold 8,938,913 shares of Flex LNG Ltd.  for "NOK 5.5"  I will attempt the link here

http://www.newsweb.no/newsweb/search.do?messageId=335300

I do not know what the conversion of NOK is but that is 49 million!  That should go a long way to filling IOC's coffers and help in deal negotiations!  Having lots of cash in the bank is a good thing!  I hope they use it to buy back IOC stock!

Arthur Bell

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Palm Offline
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#2
10-24-2013, 01:53 AM
The conversion will take a big whack out of that. Part of Hession's cleanup and getting the house in order.
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Ass0ciatedPress Offline
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#3
10-24-2013, 02:05 AM

Its about $8M dollars with conversion but doesn't take any taxes into consideration. Not exactly enough to buy back stock, or drill a well.  The stock is up to $7 a share but getting out at $5 is much better then the $2 where it was before.

Anyone remember what these shares were purchased at?

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johnwgrant Offline
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#4
10-24-2013, 02:10 AM (This post was last modified: 10-24-2013, 02:11 AM by johnwgrant.)
I'm not sure where you got your currency info... But, at 1 NOK = $.169 USD that works out to be about $8.3 million.

A good amount of working capital - but NOT $49 million USD...
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admin Offline
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#5
10-24-2013, 02:28 AM
Nice find, Arthur, thanks for that.
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Ass0ciatedPress Offline
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#6
10-24-2013, 02:30 AM

'johnwgrant' pid='30140' datel Wrote:I'm not sure where you got your currency info... But, at 1 NOK = $.169 USD that works out to be about $8.3 million. A good amount of working capital - but NOT $49 million USD...

John,

Arthur didn't know the conversion he was referencing 49M NOK not USD.  We had to take the wind out of his sails on the value of that after conversion.

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johnwgrant Offline
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#7
10-24-2013, 02:38 AM

'Ass0ciatedPress' pid='30142' datel Wrote:

'johnwgrant' pid='30140' datel Wrote:I'm not sure where you got your currency info... But, at 1 NOK = $.169 USD that works out to be about $8.3 million. A good amount of working capital - but NOT $49 million USD...

John,

Arthur didn't know the conversion he was referencing 49M NOK not USD.  We had to take the wind out of his sails on the value of that after conversion.

Arthur found some very useful information and I recommended his post.  Just wanted to make sure (as you did) that we all knew it was about $8 million.   Going from memory, I think they made a little bit of money on their position.   A shame that Duma stood in the way of them using Floating LNG - a very appropriate technology for InterOil to employ !!

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