Please bear (or is it bare, JFT?) with me because I modified a previous post based on new information in-hand - it is now far less speculative.
What might we possibly hear on the CC before the Markets open on Tuesday? Perhaps SHORTS reading this post will come to the realization that many of the below are actually true; the bugaboo is that they don’t know when. As such they’re walking towards the proverbial swinging door … are they walking fast enough? I believe the answer is NO!
1. Hession: "I saw Nothing, I heard NOTHING. I'm unhappy at the current IOC stock price of $52. It should be well above the PPS on the day before the transformational deal with TOTAL. We must WAIT but not much longer now that I am a shareholder.
https://www.youtube.com/watch?v=DVG1q49yPaY
2. Brown: "As Dr. Hession informed in the past, the Antelope 4 core samples taken during the drilling campaign show an extremely high porosity and permeability (off the charts) in several vertical sections of the well. Trust us that they are high, however we still won't tell you the actual figures because they are not material. Ask Peter Botten CBE, B.Sc. ARSM, if you want details."
3. Brown: "Antelope 4 drilling was suspended because all the mud we had available in PNG was lost downhole. We put pressure gauges in A-4 as well as other wells when we stopped drilling. We ended the first 12 days of the extended flow test program on May 8. The pressures went down in all wells equally by about 0.4 psi, indicating they are all connected and permeability is very high in the entire structure. We won't tell you when we'll start the second EFT or how long it will take because the information in not material. Ask Peter Botten CBE, B.Sc. ARSM, if you want details."
4. Finlayson (yes he’ll show up at this CC): PRE informed us that they will NOT sell their stake in Triceratops. The most they were offered is double what they originally paid to IOC. They deemed that price to be far too low.
5 . Hession: TOTAL informed us that they have completed the Concept Selection activities on schedule and decided to build a two-train LNG plant adjacent to the operating PNG LNG Complex. In addition, TOTAL selected Soc Gen as their Financial Advisor. TOTAL now view this project as their A-NUMBER ONE priority worldwide due to the unmitigated disasters they’re facing at the never-to-be-completed Yamal LNG Project in Russia and the never-to-be-reopened Balhaf LNG Plant in Yemen. Other high-cost TOTAL projects in Asia are also on the skids. The JV Partners intend to fast-track the Elk Antelope Project and expect to reach FID before the end of 2015 based on Lump Sum Turn Key bids that are now being developed by EPC contractors including CB&I and Technip."
6. Hession: We intend to sell half of our remaining stake in Elk/Antelope to XOM (ie 18.25% Gross) for a minimum equivalent of $2 Billion. The final amount will be determined after the certification in 4Q 2015. Money will not be paid to IOC, but instead XOM will fully fund IOC's entire equity in the LNG Project. As such we will not be required to inject any further capital into the two-train LNG project whatsoever. Upon startup of the LNG trains we will have a 14.15% ownership of the Complex free and clear (ie ZERO Debt)."
7. Finlayson: We are in receipt of an offer from a Super Major to buy out InterOil in a 100% Stock Deal. This is Material Information but we cannot reveal all the offer details at the moment. One pre-condition set by InterOil in the ongoing negotiations is that ALL current IOC Top Management are retained by the acquirer at +50% higher salaries and the obscenely huge buyout bonuses in our contracts. We informed the prospective acquirer that his equivalent share offer price must be north of US$12 Billion (reference Isikeli Taureka’s statement that we will always entertain the right buyout price.) For example, we would accept three shares of XOM stock or five shares of TOT stock per share of IOC. We expect more than one SM to make offers before the bidding culminates in a deal."
