TBR

[Putncalls]

I don't understand how OSH could keep the latest GCA estimate a secret.
They have to pay Civilli?
It's material to their balance sheet
Not letting the IOC shareholders know "seems wrong"?

Given what Hessian has done, his numbers may be questionable.

[oliver.gump]

Stop panicking - - - we're not looking at 7 Tcfe! GCA said 7.1 Tcfe a long time ago, before additional excellent drilling results and positive connectivity data. The number, according to Hession, will be closer to 12+ than to 10. If Hession lied, then he is a criminal, IMHO.

But curiously enough:

1. The tables in their own presentation only go up to 8Tcf
2. There is a certification ongoing by Gaffney Cline and Netherland Sewel, paid by OilSearch, but the results might not now be made public..

I'm sure it has been discussed here before, but it would be useful to know what the main differences between GLJ and Gaffney Cline were, in their assumptions about Elk/Antelope, and if any of these differences have been settled favourably (or unfavorably) by recent appraisal work.

In the IOC 2016-03-30 media release and Drilling Update and 2015 Financia results, on page 2 they state..:

Independent resource evaluations

GLJ Petroleum Consultants Ltd (“GLJ&rdquo, an independent qualified reserves evaluator, prepared an

independent evaluation of Contingent Resources for the Elk-Antelope Field as at December 31,

2015 which estimated the gross unrisked Contingent Resources for the Elk-Antelope field# of 7.7

Tcfe 1C, 10.2 Tcfe 2C and 12.4 Tcfe 3C.

# Previously GLJ estimates for Contingent Resources were 7.5 Tcfe 1C, 9.9 Tcfe 2C, 11.8 Tcfe, as at December 31, 2014

Source document: http://www.interoil.com/iocfiles/documents/investorrelations/newsandpressreleases/2016/2016-03-30%20IOC%20media%20release%20-%20InterOil%20Drilling%20Update%20and%202015%20Results.pdf

Look at those numbers.

[admin]

Thanks, but what I'm trying to get at is the differences in assumptions between GLJ and Gaffney Cline, and if, and to what extent, recent appraisal work has settled this in favor of GLJ (as Hession suggested during Q1 CC)

Put, what I understand is that OilSearch hasn't decided whether to make the certification public. You probably have a point that they will have to make the payment to Civelli public and things could be inferred from that.

[Stavros]

OSH, to my humble opinion, is not required to reveal the payment until such time as they must issue an updated Financial Statement to the ASX and its shareholders.

Must they issue their Financial Statement at the end of each Quarter?

Here's a LINK to their Disclosure for 1Q 2016:

http://www.oilsearch.com/Media/docs/1604...177e-0.pdf

It seems that if OSH pays $500 Million to IPI in July, the CA$H amount must be stated in their 3Q Quarterly Report in mid October.

[Putncalls]

When IPI gets it's cash the information will no longer be secret. IPI buddies then know what the CVR's are worth.

[admin]

Yea, thanks for that, Stavros. I can't instantly pull out Aussie financial requirements from memory..

The funny (depending on one's sense of humor) thing is, the larger the interim certification, the less we need a deal. We have two jokers here:

1. Recent appraisal work showing GLJ's model is better than the one behind Gaffney's 7.1Tcf assessment a few years back.
2. Antelope 7 coming up with the goods.

[admin]

When IPI gets it's cash the information will no longer be secret. IPI buddies then know what the CVR's are worth.

Good point. But again my memory is failing. I'm sure it's mostly Civelli, but was it all Civelli? all 22.835%?

[Stavros]

Pacific LNG is owned by IPI Investors of which Carlo Civelli is a part owner.
Many others beside Carlo Civelli have shares in IPI
OSH acquired one of Pacific LNG's companies ... the one that had an interest in E/A.

I imagine that the folks who get CA$H from OSH will be under a Non Disclosure Agreement that will require them to keep the payment amount confidential

[ArtM72]

I don't understand how OSH could keep the latest GCA estimate a secret. They have to pay Civilli? It's material to their balance sheet Not letting the IOC shareholders know "seems wrong"? Given what Hessian has done, his numbers may be questionable.

Remember, in the Pavel call those two firms have already been booted from the list of five. Just another WTF.