Useless Whining about the need for facts and information

[Stavros]

For Posters who care.

[ArtM72]

So we have this Board loaded with LNG expertise with the corporate strategy to focus exclusively on the upstream. Shouldn't we have instead skill sets on overseeing drilling and easement acquisition instead to support and direct key core competencies?

[Stavros]

Art - - - To my opinion, IOC needs a BOD with 5-7 members, plus a qualified ACTIVE Chairman. The number depends on when IOC will get the Certification Payment from TOTAL and become an active company. Six total members will suffice from now until Payment.

The BOD should set the strategy that's executed by the IOC employees who have the proper skill sets.
The BOD should not be the ones who work for IOC and undertake the assignments.
They should be paid on the order of $10-15,000 for each BOD Meeting

Right now, the IOC BOD is made up of:

+ A Chairman who was reportedly "let go" by Shell when he mishandled their Sakhalin LNG deal and then was removed from his top management position at BG Group - - - SEEMINGLY DOES NOTHING FOR IOC - - - no FACTS are available
+ A CEO who people say was tossed by Woodside for botching the Browse LNG Project - - - REFUSES TO REVEAL WHAT HE DOES
+ A Mulacek leftover who focused on producing heavy oil in Kazakhstan and Albania - - - NOT NEEDED BY IOC
+ A Mulacek leftover who in the past finagled deals in Australia in the heavy manufacturing area - - - IOC SAID HE IS NOT NEEDED
+ A Singaporean accountant who sits on multiple Boards and dispenses favors to all comers - - - NOT NEEDED BY IOC
+ A token female who IOC already deemed is NOT NEEDED going forward
+ Three PNG gentlemen who make all the local connections when deals must be brokered - - - NEEDED IF IOC EVER MAKES A DEAL
+ A former BP executive in International Oil and Gas - - - HE MAY BE A KEEPER

My personal views are:

IOC should retain at least two of the three PNG'ers on the BOD. The third PNG'er should continue on in IOC's senior management team, but maybe is not needed right now on the BOD. OSH has three PNG'ers on their 9-member BOD. OSH, of course, has a very large on-going business in PNG while IOC has NOTHING

The Board of Directors proposed by The Concerned InterOil Shareholders are all highly qualified and appropriate to represent my interests going forward.

I am not averse to retaining Dr Armstrong on the BOD.

InterOil claims the following as FACTS when they are pure fiction:

1. Implemented a clear strategy to create value for shareholders > > > Yes, a strategy was developed; NOT IMPLEMENTED

2. Today, InterOil is primarily focused on development of the Elk-Antelope fields, the evaluation of prospects on its exploratory acreage and operating efficiently to preserve liquidity to develop the Papua LNG Project > > > FICTION; IOC is in survival mode, doing NOTHING

3. We are now entering the final stages of the Elk-Antelope appraisal program and are poised to benefit from development of the Papua LNG Project and related appraisal payments described above > > > Seemingly FICTION; 12+ months remaining