Russell Searancke wrote article

[ltinvest]

This is the gentleman who wrote the artcle today for upstreamonline.  I'm not familiar with him but in a review of his work, he looks to have written almost 2,000 articles over a number of years.  He's written about the industry extensively and appears very plugged in to what is happening around the world.

When considering the reliability of the information, I certainly always consider the source.  Perhaps someone is more familiar with him than I am but my initial impression is he is a reliable source. This isnt coming from The National or some questionable character at Seeking Alpha.

As you can see from the poll a while back, I voted for JKM as our likely partner.  Shell comes as a surprise to me.  I have also supported the notion of why a SM wouldnt just buy all of E/A or IOC for that matter. I look forward to an "official" announcement!

[ebster123]

Does IOC have a legal responsibility to respond to this?

[TxPm]

I was wondering the same thing Eb. Also I wanted to see if Shell responds. Last time there was a rumor shell did respond. If we get some type of Response from Shell simply confirming they are a bidder I think we see the stock up another 10-15% on Monday

[bertl05]

Id think IOC internal counsel would have a very good handle on the regs, and certainly consult outside counsel if they were any questions. So i'm sure the legality of what they should do is well covered. Bonks statement that IOC must respond to this is a subject well above his pay grade i'm afraid.

[TomCrooz]

Does IOC have a legal responsibility to respond to this?

Material information as defined by US courts:

“if there is a substantial likelihood that a reasonable shareholder would consider it important in deciding …” whether to take some action with respect to a company’s securities, such as how to vote in response to a proxy solicitation or whether to buy, sell or hold the securities."

I would certainly think that if this rumor were true, it would fit the definition of material information. Reg FD states:Under Regulation FD, whenever a public company, or

any person acting on its behalf, discloses material

nonpublic information to certain enumerated persons,

the company must disclose that information to the

public. The timing of the required public disclosure

depends on whether the selective disclosure was

intentional or unintentional. Accordingly, the company

must make this public disclosure (i) simultaneously, in

the case of intentional disclosures, or (ii) promptly

afterwards, in the case of unintentional disclosures.

[jft310]

And they have several business days to respond legally. Its not a 24 hour response time. And well from IOC's point of view Wayne has the podium at IPAA Monday AM well within the window to divulge. Or we hear more Monday.

[jft310]

Stavros is in the industry and posted positive on the writer.

[tarulestheday]

And they have several business days to respond legally. Its not a 24 hour response time. And well from IOC's point of view Wayne has the podium at IPAA Monday AM well within the window to divulge. Or we hear more Monday.

This is still a rumor and IOC is not obligated to officially respond to rumors.