Only one thing can be going on

[ArtM72]

FWIW The average US gas well now goes down 7,000 feet. Per http://www.marcellus.psu.edu/resources/maps.php vertical drilling in the Marcellus is 5-9,000 feet prior to reaching the target where the drilling continues another 3-10,000 feet horizontally. The Deepwater Horizon went to 35,000 feet. Add Meg's comments to the list of lame excuses. I certainly wouldn't blame her though.

4,500 meters is 14,800 feet. From 4/1 10/1, assuming 75% of the way to TD that would be about 600 meters per month or 20 meters per day.

Put - let's not forget they likely are nowhere near total depth at this point and they still have yet to put in the 7" casing to get to the formation through the shale.  At least we all now agree any time estimate made by IOC is worthless.  Now the key question becomes 'why are their time estimates worthless?'.

[jdeo1969]

I believe Palm may be on to something here. If I am reading you correctly, you are saying that the reason for no inside buying is because something material is preventing that from being legal. And that negotiations that are material, such as farm ins, etc would qualify and it seems perhaps you are leaning in that direction as something brewing here that is good.

That was my take at least.

[Palm]

Saying that is possible JDEO as hearing that SOMETHING is keeping execs from buying. Could just be a smoke screen but as Tree says, Brown bought and he would have been privy to drilling material news you would think. Then this release today on drilling update had really nothing that would by definition be material. So IF they can't buy you'd think it has to be some other material item(s) which if disclosed, would jeopardize whatever it is. Not only that, they would have had to disclose this item to regulators AND the regulators would have to agree that it should stay confidential as long as is reasonable.

Sounds like a long shot to me, but it would be the only acceptable reason for these execs to have not bought "substantial" shares by now under the IOC Insider Trading policy. If Laurie Brown could afford it, at least some of existing management likely could too (or two or to).

[Putncalls]

Maybe they to want to buy any shares?

[Palm]

Uh well, not sure that would be a qualifier that regulators would think much of.

[ArtM72]

It isn't out of the realm of possibility Brown bought shares against IOC policy but not necessarily against any SEC regulation. Looking at http://www.sec.gov/answers/insider.htm suggests there may be a hole in the regulation for consultants to drive their truck through, especially when any supposed insider information is as speculative as the size and porosity of a yet undrilled geologic formation. Clearly the timing of his purchase didn't trigger a big market runup

I have to think Putncalls has the most likely answer...they know enough not to want to buy any shares at least right now. Or, maybe, they don't have enough personal liquid funds to buy any even if they wanted.

Does anybody else find it curious that only Hession has a contract which provides only a cash bonus and there has been no disclosure of bonus structures for other key employees?

[jdeo1969]

Saying that is possible JDEO as hearing that SOMETHING is keeping execs from buying. Could just be a smoke screen but as Tree says, Brown bought and he would have been privy to drilling material news you would think. Then this release today on drilling update had really nothing that would by definition be material. So IF they can't buy you'd think it has to be some other material item(s) which if disclosed, would jeopardize whatever it is. Not only that, they would have had to disclose this item to regulators AND the regulators would have to agree that it should stay confidential as long as is reasonable. Sounds like a long shot to me, but it would be the only acceptable reason for these execs to have not bought "substantial" shares by now under the IOC Insider Trading policy. If Laurie Brown could afford it, at least some of existing management likely could too (or two or to).

That makese perfect sense and I agree.  if they are not buying shares like Brown (per Tree's reasoning pertaining to Brown) that would be an acceptable reason.  other than that I would scratch my head as to why they haven't.  I think I understand what you are stating and it is a logical thought in my opinion for sure.  Good reasoning and I hope you are correct.  I keep thinking to myself that something has to be going on behind closed doors to which we simply cannot be privy.  Then I get frustrated that we don;t get much feedback.  Talk about putting your faith and treasure behind something that you are blind to.  I certainly hope they are sitting on a good hand here, for all of us invested.

Thanks for clarifying.

[jdeo1969]

It isn't out of the realm of possibility Brown bought shares against IOC policy but not necessarily against any SEC regulation. Looking at http://www.sec.gov/answers/insider.htm suggests there may be a hole in the regulation for consultants to drive their truck through, especially when any supposed insider information is as speculative as the size and porosity of a yet undrilled geologic formation. Clearly the timing of his purchase didn't trigger a big market runup I have to think Putncalls has the most likely answer...they know enough not to want to buy any shares at least right now. Or, maybe, they don't have enough personal liquid funds to buy any even if they wanted. Does anybody else find it curious that only Hession has a contract which provides only a cash bonus and there has been no disclosure of bonus structures for other key employees?

Art,

I believe that last query may be in Lib's wheelhouse.

[Palm]

Hession and others get "industry" standard cash bonuses annually which are decided by the Comp Committee. They then have set milestone bonuses for Hession, Applegate and the former Chevron exec who replaced Christian. These milestones are around different aspects of lng project milestones of 2 trains or more (all three) and a one train project (just Hession). These are all done with RSUs.

Then Hession can earn the /T $500k bonus which is all in RSUs (not cash as I said elsewhere). When you look at the comp plan it's hard to believe every exec has been hamstrung to the point that they couldn't have bought shares by now. One of the best indicators of confidence in a company is substantial exec ownership of company stock.