CAN STATEMENTS FROM IOC MANAGEMENT AND BOD BE TRUSTED?

[petrengr1]

Here is a statement from IOC’s May 26, 2016 letter to shareholders accompanying the second issue of the “WHITE” proxy forms.

“ The LOW END of Mr. Mulacek's estimate range is WELL ABOVE the estimates provided through our independent resources certifier."

This is simply a false statement in the “Facts Sheet” from IOC management.

Here is what Phil said: “The InterOil Board and management allowed the material balance payment from TOTAL to be removed, which represents a significant loss of value assuming an interim certification of 7 tcf and a material balance certification of 12.5 tcf, both of which we believe to be reasonable based on our detailed understanding of the resource.”

The following is from: http://tinyurl.com/zpfomk7 ;

Here is what IOC’s independent resources certifier said: “GLJ Petroleum Consultants Ltd ("GLJ", 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.

So GLJ increased their 2C estimate for Elk/Antelope from 9.9 Tcfe at the end of 2014 to 10.2 Tcfe at the end of 2015.

The range of the field size according to GLJ is A 1C  volume of 7.7 Tcfe to a 3C volume of 12.4 Tcfe.

Not much difference from Phil’s estimate of field size ranging from 7 Tcfe to 12.5 Tcfe.

The low end of Phil’s range i.e. 7 Tcfe is not “WELL ABOVE the estimates provided through our independent resources certifier” as stated by IOC’s management.

Just further evidence that the current Management and BOD continue to lie to shareholders and fail to disclose material information so that shareholders can make rational decisions about the Company.

Of course the SPA between Interoil and Total is based on 2C  resources so the important number in the latest GLJ report is a 2C resource volume of 10.2 Tcfe.

[admin]

And then there is this, from Hession on the Q1CC:

The fact of the matter is volumes are trending up and, Evan, [indiscernible] talked about this. The GLJ, their view of the reservoir as we continually drill four, five and six GLJ again and again are being proved to be more correct with respect to the reserves and the nature of the geology that we are dealing with.

But if I draw you back to why are we doing this, there is two major value-adds here. First of all, this is a value add for the venture. 3 TCF is a significant amount of gas and that’s going to deliver a significant amount of value to the joint venture.

Not only has GLJ's view proved "more and more correct" Phil could actually be underestimating the resource if Antelope7 pans out.

[CAC]

[quote='admin' pid='71479' dateline='1465078359']

And then there is this, from Hession on the Q1CC:

The fact of the matter is volumes are trending up and, Evan, [indiscernible] talked about this. The GLJ, their view of the reservoir as we continually drill four, five and six GLJ again and again are being proved to be more correct with respect to the reserves and the nature of the geology that we are dealing with.

But if I draw you back to why are we doing this, there is two major value-adds here. First of all, this is a value add for the venture. 3 TCF is a significant amount of gas and that’s going to deliver a significant amount of value to the joint venture.

Not only has GLJ's view proved "more and more correct" Phil could actually be underestimating the resource if Antelope7 pans out.

*****

For Hession to give multiple statements about the large size...and now be downplaying the size...indicates to me that 1) his credibility isn't nearly as unimportant to him as something else is; 2) he is in bed with TOT/OSH to the detriment to IOC shareholders; and 3) there is no way we get anything but a very low certification...meaning the CVR won't be worth much, if anything. Selling the company for $41 per share is a joke. This deal has to be stopped.

[Palm]

Very perplexing; what happened to the "giant" talk and "never seen anything like it?"

[Libtardius Maximus]

Here's Evan Calio lede from 3-30-16.

IOC continues to deliver improving well results from both Ant-
5/Ant-6, supporting a new and higher resource estimate at 10.2Tcfe.
Payment timing remains uncertain (2H16 or 1H17), yet JV will decide
in 2Q16 with tension between time and higher payment. Discovery
sell-down appears more likely.

That Phil, he just makes stuff up out of thin air.

[cybersssss]

Well then... All of the evidence that we have in front of us then THEY SHOULD NOT GET AWAY WITH THIS

Words and actions have consequences. Hession said things and did others. Misleading and bamboozeling shareholders out of over a billion dollars is a CRIME.