Day 108

[Libtardius Maximus]

From the August 14, 2012 conference call. The question of how much is a "few" continues unabated.. In cut and past form via SA.

Collin Francis Visaggio - Chief Financial Officer

Thanks, Phil, and welcome to everyone listening to today's presentation. Just a few opening remarks. We continue to progress and expand on our Gulf LNG project to monetize the existing resources, and we also continue to invest in our exploration portfolio for the future. We had completed another milestone on the Triceratops discovery monetization, with the signing of the farm-in agreement with Pacific Rubiales Energy, which Phil just highlighted.

Completion of the agreement in the next few months, in addition to the debt financing proposed, will increase our cash position and fund our near-term accelerated drilling plans. The assets sell down will fund our Gulf LNG Project and our longer-term accelerated exploration program. Once this sell down is concluded, we will consider our optimal capital structure and potentially return funds in excess of our requirements to shareholders. Additionally, we will consider creating trading liquidity through a stock split.

[TxPm]

While I agree it has been frustratingly long I will point on this CC it said "in th next few months" in reference to the SD & on the last CC they said "in the coming weeks" so it appears we are getting much closer

[Getitrt2]

FWIW, I'm pretty sure that on Aug 14, they did not know PNG would have an interest in acquiring up to 50% of E/A, and that process slowed things down significantly. That said, however, I think the result is that IOC as well as PNG is coming out of it in a better position than they would have, with the kind of phased project they and the bidders wanted, apparently better sell down prices from bidders, earlier production at better market prices, bigger and earlier cash flow, and more gas sold sooner. At some point, that should translate into a much higher stock price, and I agree it definitely appears we are getting much closer, with the support of the PM and DPE, who are speaking Monday on the subject.

[Libtardius Maximus]

FWIW, I'm pretty sure that on Aug 14, they did not know PNG would have an interest in acquiring up to 50% of E/A, and that process slowed things down significantly. That said, however, I think the result is that IOC as well as PNG is coming out of it in a better position than they would have, with the kind of phased project they and the bidders wanted, apparently better sell down prices from bidders, earlier production at better market prices, bigger and earlier cash flow, and more gas sold sooner. At some point, that should translate into a much higher stock price, and I agree it definitely appears we are getting much closer, with the support of the PM and DPE, who are speaking Monday on the subject.

Get,

He's not talking about EA. it's the loan and T2/PRE.

If these were boxes, check and check.