'jft310' pid='21257' datel Wrote:
'ltinvest' pid='21250' datel Wrote:Guys, as I now understand it.......Phil did not "retire". Phil was in a major disagreement with the board as was insisting on one deal and the board is favoring a different deal. The BOD decided to make the CEO change. Maybe this is like news coverage of the Boston Marathon bombing and you get some good and some incorrect information in real time.......but I thought it worthy of a post. The BOD respectfully allowed him to "retire" but this about a more comprehensive deal the BOD wants to complete.I am with Itinvest here. We know the PNG govt wants this all working quickly and Phil I am sure knew he could the extra pieces sold off for more money in the future. Phil may have just wanted a sell down of PRL 15 and others especially the PNG govt wanted partnership at Triceratops and at 236/8. Or selling more than Phils plan. More partners more drilling.
This fits with WA rumored comments at IPAA 8 rigs drilling fully funded drilling program.
And this does not have to be an either or situation meaning that it doesn't have to mean that a Shell (for example) either buys a chunk of PRL 15 or buys out IOC. It could also be another Woodside situation. IOC as a company is well liked and considered a local company. Shell could be saying that they want to buy a piece of IOC (again like they did Woodside) and it's a mutual thing; Phil steps aside as CEO. As Phil he could not stomach working with a company on a day-to-day basis that tried to take everything away; nor would Shell be able to work with him. But on paper he steps aside and happily takes his much-appreciated stock and is very wealthy. He then is either able to stay on as a Board director, or he does not run at the annual meeting in June. He's no longer an insider and can sell stock as he pleases (I believe) and sails off into the sunset. "Shell" has a "local" presence and calls the shots. Several possibilities here. Can also see something like that happening with Total/OSH, and in that case Phil might desire to stay as a director. The fact that he's staying as CEO helps keeps things civil as a sudden departure would have tanked the pps. BOD must act in best interests of company. Phil is a very proud, smart man and has worked very hard to get IOC where it is. Lesser men would have sold out, or been driven out long ago. But it's best for all at this point that this move was made. He may not like it, but he preserves the value of all of his hard work. Well done Phil!
And This might make sense for Shell in liight of this recent development with Woodside:
Shell to Sell Share in Woodside Petroleum Over Israel Link
By Jspace Staff on 4/4/2013 at 3:50 PM
Categories: Business, Finance, Israel
Woodside Petroleum’s purchase of a controlling stake in Israel’s largest natural gas field is causing trouble for Woodside’s Arab-allied partial owner—the Shell gas company.
Royal Dutch Shell, Shell Gas & Power’s masthead, owns a 23 percent interest in Woodside, which declared its intentions late last year to purchase a 30 percent stake in Leviathan, the innovative Israeli gas field the Jewish state hopes to use on the path toward energy self-sufficiency.
Shell, on the other hand, has a number of intimidating investors in the Arab world, with insiders saying the Shell company would rather not do business with Israel.
“Given the geopolitical tensions in the Middle East and Shell’s significant investments in the region outside of Israel, we anticipate a sell down to dispel any perception amongst other Middle Eastern countries that Shell is investing either directly or indirectly in Israel,” said Luke Smith, an analyst at Commonwealth Bank of Australia.
Woodside will be purchasing nearly one-third of Israel’s Leviathan gas shares for $1.5 billion. Rumored reports say Shell might sell its Woodside shares to BHP Petroleum."
And this:
http://blogs.wsj.com/moneybeat/2013/04/22/woodsides-surge-may-tempt-shell-to-exit/