New Deal Announced

[Palm]

Per the PR disclosure:

"Disclosure of Oil and Gas Information
Trillion cubic feet equivalent (tcfe) may be misleading, particularly if used in isolation. A tcfe conversion ratio of one barrel of oil to six thousand cubic feet of gas is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Well test results should be considered as preliminary. Well log interpretations indicating gas accumulations are not necessarily indicative of future production or ultimate recovery. This press release contains estimates of Contingent Resources in the Elk-Antelope fields covered by the Petroleum Retention Licence (PRL) 15 in Papua New Guinea. Contingent Resources are not, and should not be confused with, gas reserves. InterOil owns a 36.5375% interest in the PRL 15 license (post-government back-in right). Estimates of the Contingent Resources in this press release are based upon a report effective November 30, 2016 prepared by GLJ, an independent qualified reserves evaluator. The report was prepared in accordance with the Canadian Oil and Gas Evaluation Handbook (the “COGE Handbook”). The Contingent Resources referred to in this press release have been classified as conventional natural gas and natural gas liquids. Contingent Resources are those quantities of natural gas and condensate estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. The economic status of the resources is undetermined and there is no certainty that it will be commercially viable to produce any portion of the resources. There is no certainty that the Contingent Resources in the Elk- Antelope fields will be commercially viable to produce any portion of the resources and it should be noted that it is not certain that all fields / accumulations set herein will progress to reserves. Criteria other than economics may require that the Contingent Resources in the Elk-Antelope fields be classified as Contingent Resources rather than reserves. Contingencies affecting the classification as reserves versus Contingent Resources relate to the following issues as detailed in the COGE Handbook: ownership considerations, drilling requirements, testing requirements, regulatory considerations, infrastructure and market considerations, timing of production and development, and economic requirements.
The following classification of Contingent Resources are used in this press release:
 Low Estimate (or 1C) means there is at least a 90 percent probability (P90) that the quantities actually recovered will equal
or exceed the low estimate.
 Best Estimate (or 2C) means there is at least a 50 percent probability (P50) that the quantities actually recovered will equal
or exceed the best estimate.
 High Estimate (or 3C) means there is at least a 10 percent probability (P10) that the quantities actually recovered will equal
or exceed the high estimate.
The estimates of Contingent Resources provided in this press release are estimates only and there is no guarantee that the estimated Contingent Resources will be recovered. Actual Contingent Resources may be greater than or less than the estimates provided in this in this press release and the differences may be material. There is no assurance that the forecast price and cost assumptions applied by GLJ in evaluating the Contingent Resources in Elk-Antelope fields will be attained and variances could be material. There is also uncertainty that it will be commercially viable to produce any part of the Contingent Resources. For a discussion of the project evaluation scenario, economics status and maturity subclass as well as the chance and development of Contingent Resources evaluated pursuant to GLJ’s report on the Elk-Antelope fields see Schedule A to InterOil’s Annual Information Form for the year ended December 31, 2015 which is available on www.interoil.com or from the SEC at www.sec.gov or on SEDAR at www.sedar.com. Although the report of GLJ that is attached to Schedule A of InterOil’s Annual Information Form for the year ended December 31, 2015 is different than the report of GLJ referred to in this press release, there have been no material changes to the project evaluation scenario, economics status and maturity subclass, or the chance and development of Contingent Resources in the Elk-Antelope gas fields. The operator of the joint venture project in the Elk-Antelope gas fields, Total S.A., estimates that the timeline for development of a liquefied natural gas project in the Elk-Antelope gas fields would include final investment decision in relation to the project in 2019 and first production in 2023 (assuming the project proceeds)."

Anything of interest here Pet?

[petrengr1]

Per the PR disclosure: "Disclosure of Oil and Gas Information Trillion cubic feet equivalent (tcfe) may be misleading, particularly if used in isolation. A tcfe conversion ratio of one barrel of oil to six thousand cubic feet of gas is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Well test results should be considered as preliminary. Well log interpretations indicating gas accumulations are not necessarily indicative of future production or ultimate recovery. This press release contains estimates of Contingent Resources in the Elk-Antelope fields covered by the Petroleum Retention Licence (PRL) 15 in Papua New Guinea. Contingent Resources are not, and should not be confused with, gas reserves. InterOil owns a 36.5375% interest in the PRL 15 license (post-government back-in right). Estimates of the Contingent Resources in this press release are based upon a report effective November 30, 2016 prepared by GLJ, an independent qualified reserves evaluator. The report was prepared in accordance with the Canadian Oil and Gas Evaluation Handbook (the “COGE Handbook&rdquo. The Contingent Resources referred to in this press release have been classified as conventional natural gas and natural gas liquids. Contingent Resources are those quantities of natural gas and condensate estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. The economic status of the resources is undetermined and there is no certainty that it will be commercially viable to produce any portion of the resources. There is no certainty that the Contingent Resources in the Elk- Antelope fields will be commercially viable to produce any portion of the resources and it should be noted that it is not certain that all fields / accumulations set herein will progress to reserves. Criteria other than economics may require that the Contingent Resources in the Elk-Antelope fields be classified as Contingent Resources rather than reserves. Contingencies affecting the classification as reserves versus Contingent Resources relate to the following issues as detailed in the COGE Handbook: ownership considerations, drilling requirements, testing requirements, regulatory considerations, infrastructure and market considerations, timing of production and development, and economic requirements. The following classification of Contingent Resources are used in this press release:  Low Estimate (or 1C) means there is at least a 90 percent probability (P90) that the quantities actually recovered will equal or exceed the low estimate.  Best Estimate (or 2C) means there is at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate.  High Estimate (or 3C) means there is at least a 10 percent probability (P10) that the quantities actually recovered will equal or exceed the high estimate. The estimates of Contingent Resources provided in this press release are estimates only and there is no guarantee that the estimated Contingent Resources will be recovered. Actual Contingent Resources may be greater than or less than the estimates provided in this in this press release and the differences may be material. There is no assurance that the forecast price and cost assumptions applied by GLJ in evaluating the Contingent Resources in Elk-Antelope fields will be attained and variances could be material. There is also uncertainty that it will be commercially viable to produce any part of the Contingent Resources. For a discussion of the project evaluation scenario, economics status and maturity subclass as well as the chance and development of Contingent Resources evaluated pursuant to GLJ’s report on the Elk-Antelope fields see Schedule A to InterOil’s Annual Information Form for the year ended December 31, 2015 which is available on www.interoil.com or from the SEC at www.sec.gov or on SEDAR at www.sedar.com. Although the report of GLJ that is attached to Schedule A of InterOil’s Annual Information Form for the year ended December 31, 2015 is different than the report of GLJ referred to in this press release, there have been no material changes to the project evaluation scenario, economics status and maturity subclass, or the chance and development of Contingent Resources in the Elk-Antelope gas fields. The operator of the joint venture project in the Elk-Antelope gas fields, Total S.A., estimates that the timeline for development of a liquefied natural gas project in the Elk-Antelope gas fields would include final investment decision in relation to the project in 2019 and first production in 2023 (assuming the project proceeds)." Anything of interest here Pet?

This is of course just to keep the SEC and the Canadian Regulator off of their back.

There is an interesting comment:   "Although the report of GLJ that is attached to Schedule A of InterOil’s Annual Information Form for the year ended December 31, 2015 is different than the report of GLJ referred to in this press release, there have been no material changes to the project evaluation scenario"

How can they make  this statement when the same company (GLJ) has just reduced their December 31,2015 estimate of reserves by 25%. They did this for "no material changes"? I don't think so!

[thg]

Per the PR disclosure: "Disclosure of Oil and Gas Information Trillion cubic feet equivalent (tcfe) may be misleading, particularly if used in isolation. A tcfe conversion ratio of one barrel of oil to six thousand cubic feet of gas is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Well test results should be considered as preliminary. Well log interpretations indicating gas accumulations are not necessarily indicative of future production or ultimate recovery. This press release contains estimates of Contingent Resources in the Elk-Antelope fields covered by the Petroleum Retention Licence (PRL) 15 in Papua New Guinea. Contingent Resources are not, and should not be confused with, gas reserves. InterOil owns a 36.5375% interest in the PRL 15 license (post-government back-in right). Estimates of the Contingent Resources in this press release are based upon a report effective November 30, 2016 prepared by GLJ, an independent qualified reserves evaluator. The report was prepared in accordance with the Canadian Oil and Gas Evaluation Handbook (the “COGE Handbook&rdquo. The Contingent Resources referred to in this press release have been classified as conventional natural gas and natural gas liquids. Contingent Resources are those quantities of natural gas and condensate estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. The economic status of the resources is undetermined and there is no certainty that it will be commercially viable to produce any portion of the resources. There is no certainty that the Contingent Resources in the Elk- Antelope fields will be commercially viable to produce any portion of the resources and it should be noted that it is not certain that all fields / accumulations set herein will progress to reserves. Criteria other than economics may require that the Contingent Resources in the Elk-Antelope fields be classified as Contingent Resources rather than reserves. Contingencies affecting the classification as reserves versus Contingent Resources relate to the following issues as detailed in the COGE Handbook: ownership considerations, drilling requirements, testing requirements, regulatory considerations, infrastructure and market considerations, timing of production and development, and economic requirements. The following classification of Contingent Resources are used in this press release:  Low Estimate (or 1C) means there is at least a 90 percent probability (P90) that the quantities actually recovered will equal or exceed the low estimate.  Best Estimate (or 2C) means there is at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate.  High Estimate (or 3C) means there is at least a 10 percent probability (P10) that the quantities actually recovered will equal or exceed the high estimate. The estimates of Contingent Resources provided in this press release are estimates only and there is no guarantee that the estimated Contingent Resources will be recovered. Actual Contingent Resources may be greater than or less than the estimates provided in this in this press release and the differences may be material. There is no assurance that the forecast price and cost assumptions applied by GLJ in evaluating the Contingent Resources in Elk-Antelope fields will be attained and variances could be material. There is also uncertainty that it will be commercially viable to produce any part of the Contingent Resources. For a discussion of the project evaluation scenario, economics status and maturity subclass as well as the chance and development of Contingent Resources evaluated pursuant to GLJ’s report on the Elk-Antelope fields see Schedule A to InterOil’s Annual Information Form for the year ended December 31, 2015 which is available on www.interoil.com or from the SEC at www.sec.gov or on SEDAR at www.sedar.com. Although the report of GLJ that is attached to Schedule A of InterOil’s Annual Information Form for the year ended December 31, 2015 is different than the report of GLJ referred to in this press release, there have been no material changes to the project evaluation scenario, economics status and maturity subclass, or the chance and development of Contingent Resources in the Elk-Antelope gas fields. The operator of the joint venture project in the Elk-Antelope gas fields, Total S.A., estimates that the timeline for development of a liquefied natural gas project in the Elk-Antelope gas fields would include final investment decision in relation to the project in 2019 and first production in 2023 (assuming the project proceeds)." Anything of interest here Pet?

This is of course just to keep the SEC and the Canadian Regulator off of their back.

There is an interesting comment:   "Although the report of GLJ that is attached to Schedule A of InterOil’s Annual Information Form for the year ended December 31, 2015 is different than the report of GLJ referred to in this press release, there have been no material changes to the project evaluation scenario"

How can they make  this statement when the same company (GLJ) has just reduced their December 31,2015 estimate of reserves by 25%. They did this for "no material changes"? I don't think so!

Did they just "purchase" a lower number?

[Palm]

That was my question. What an odd statement, and how do they think that can just slip by?

[mlbennetts]

Man, this reads like Alice in Wonderland meets Steven King.

[thg]

Man, this reads like Alice in Wonderland meets Steven King.

With lyrics by Warren Zevon, to the tune of "Excitable Boy"

[oliver.gump]

Man, this reads like Alice in Wonderland meets Steven King.

With lyrics by Warren Zevon, to the tune of "Excitable Boy"

Waiting for Mike Hession and his motley crew to do an Alice Cooper meets Ozzie Ozborn impression ans start biting the heads off of innocent children.

[SamAdams]

Steven King dealt with "haunted " places or things.  IOC could be a Stephen King Story.  We have always believed GLJ was more truthful/accurate.  Are we we wrong or what changed ?  If they are right and A7 missed the mark is the current deal fair?maybe our assumptions are wrong.  I don't think so, but it must be considered if we are to make a rational decision.  I was told yesterday we would get this result but was waiting to confirm before sharing.

[weaselpuppy]

12-14-2016, 01:45 AM Post: #20

weaselpuppy   Member Posts: 59 Joined: Nov 2014  Reputation: 13  Warning Level: 0%

RE: XOM and IOC Agree to extend outside date by 1 week! Vote? That won't matter one bit. The deal starts with 50% of ALL shares voting yes, unless you believe there will be a mass exodus of institutions (note- very unlikely, as the main decision point is "you wanna get paid? vote yes." With a 75% turnout, that means the vote is over 67% before we begin. All of this roster shuffling and wordsmithing will be to tick down the list from the Appellate Court. The only real question this time through will be do we get a cap or no, as we all and certainly the institutions have a pretty good ballpark of the likely range of product down the hole. Even pushing the cap up by 10% or so, which was the same multiplier from the OSH to XOM deals, is IMO the best case scenario, maxing the $/share at $80ish. That's 68% upside from today and 150% from announce date of the OSH deal. That's gonna fly, IMO.

Man, I wish I could say I had an inside source, or that I'm psychic were true.....

Truth is I'm an optimist by nature, except when it concerns getting anything near full value on this deal.

Hate to say it, but Nailed It!

Next stop will be the over before it began vote, and next stop will be the Ant-7 results and finally the CRP payment which could range from a  piddling 7.8T of $56 total value/share or so to a max of $80 ish at 11T, but likely somewhere in the $60-65 range when you get their number for A7 they will have/create/whatever.

Dissent? That's an option. Good luck (sincerely) to those who do.

In the end, this is a stock. You don't get emotional over it. It's a tool to achieve a result/plan/lifestyle. Use it how you will going forward, but a lot of people (including I am guessing all the institutions) will take $56-$65 and head for the door. Start looking up the lyrics to the Kenny Rogers song, "The Gambler".

We're sitting at a poker table and between MH, BOD ,  the Independent Fairness Committee (ha!)  plus Rex and his fellas, we don't see the mark......which means we are the mark.

[weaselpuppy]

Vote? That won't matter one bit. The deal starts with 50% of ALL shares voting yes, unless you believe there will be a mass exodus of institutions (note- very unlikely, as the main decision point is "you wanna get paid? vote yes." With a 75% turnout, that means the vote is over 67% before we begin. All of this roster shuffling and wordsmithing will be to tick down the list from the Appellate Court. The only real question this time through will be do we get a cap or no, as we all and certainly the institutions have a pretty good ballpark of the likely range of product down the hole. Even pushing the cap up by 10% or so, which was the same multiplier from the OSH to XOM deals, is IMO the best case scenario, maxing the $/share at $80ish. That's 68% upside from today and 150% from announce date of the OSH deal. That's gonna fly, IMO.

[Putncalls]

What was the point of PM's appeal?