Interoil vs other energy stocks

[Gator]

From the June 2014 ASM. Look like they are way behind from one year ago projections.

[Gator]

From January 2015 presentations. I don't see any drilling into Q4 2015.

[Gator]

From the end of January CS investor presentation.

4. Certification payment – cash payment expected before year-end

Please do not say there has not been a delay.

[johnwgrant]

Hession still has to live down his infamous: "about 60 to 90 days to drill these fairly shallow wells" statements.

[Palm]

From the end of January CS investor presentation.

4. Certification payment – cash payment expected before year-end

Please do not say there has not been a delay.

I am one to defend mgmt normally on "targeted estimates" vs delays, but with some of this I have to agree that there have been delays.  And many/most of these are due (IMO) to Hession being outflanked by OSH on the PAC LNG companies.  That issue and the subsequent Dispute and resolution of the dispute created several delays.  In the annual meeting speech Hession stated that Ant 4 and 5 would be "completed" in the 2nd half of 2014 and the "contingent payments" to be made "in 2015".  Also the Dispute resolution was to be resolved by the end of June 2014 originally.  There is no doubt that the whole Dispute issue and resolution of it caused several delays.  By getting beat to the draw by OSH Hession brought on several costly delays IMO.

[jft310]

Palm - agree OSH wanted the Total deal and lost . That lost time pushed things back . Botten was stubborn and most likely knew what Interoil had discovered because Civelli had access to all the information . That knowledge was the basis for his buy out of PACLNG and his desire for more .

[Gator]

So what you are saying is that Hession sold 100% of PRL15 when InterOil did not own all of PRL15. He closed the deal with TOT before he closed the deal with the IPI and PAC LNG investors.

[Getitrt2]

I'm not sure how OSH being willing to outbid for Pac LNG is being "beat to the draw".

One think for sure, the lower IOC's stock price, regardless of the reasons, the more rehashing of and the more criticism and complaining about the past we hear, regardless of the circumstances, and the less we hear about what is going well, which is even better than expected and extremely significant. It will probably never be all good or all bad, but on balance I think things are getting much better and will get reflected more in the stock price, as it began to in June before these external events hit.

[Getitrt2]

So what you are saying is that Hession sold 100% of PRL15 when InterOil did not own all of PRL15. He closed the deal with TOT before he closed the deal with the IPI and PAC LNG investors.

No, he did not sell 100% or even more than IOC owned, and did not close any deal with Total before Pac LNG and IPI investors were dealt with, after which he appropriately modified the pending Total deal.  Total did not want to deal with those other parties, as I understand it.

Why is this a subject now?  This is a total (no pun intended) waste.

[Palm]

"I'm not sure how OSH being willing to outbid for Pac LNG is being "beat to the draw"."

Couldn't be any more clear if you look at the facts:
1. Preliminary deal and SPA- One of the contingencies to CLOSING with Total was for IOC to buy out the minority interests
2. In Dec 13 Hession said they estimated it would be done by YE '13
3. Later in Dec. said it is taking longer and might be January
4. In January he said likely by end of January
5. We start hearing of PAC LNG shareholders feeling they were getting screwed
6. In February OSH announces that THEY have bought the PAC LNG companies and questions get asked about whether IOC's failure will cause Total to walk and open the door for Exxon.
7. IOC and Total revise the deal to reflect the OSH purchase and announce deal with steps for closing.
8. OSH on behalf of PAC LNG companies files Dispute which does not get settled until early 2015.
9. Finally the deal can be finalized and shares transferred and the transfer of Operatorship can BEGIN (this was supposed to happen in 2014 but was DELAYED).

Very clear; IOC was beaten to the draw and it caused many delays instead of immediate action with Total as Operator. It is and should be an issue instead of again being swept under the rug and explained away and somehow justified that we are in a better place now than we would have been with timely execution.