Chandler buying more

[ltinvest]

I have pondered adding more shares. At $1/mcf, Pavel's NAV is $100 and that does not account for the value of the future prospects. And while I expected something close to the $1.20/mcf average price of the region, I truly believe the extended discussions will result in a better and more comprehensive deal. We know Exxon, Total, Shell, JKM, and Pertamina are/ have been invloved in discussions. Oil Search and PRE are involved in Triceratops exploration efforts and who knows what Farm-Ins may get done for PPL 236 & 238. I see tremendous risk reduction (including Phil's retirement) and now Chandler is buying at $93. Presumably, he sees a lot more upside from here. So add I will. Additionally, I have not been overly concerned with timing. I do believe the "pot has been sweetened" with the extended negotiations. However, I can't imagine IOC will want to go into the Annual Meeting without a completed deal. Perhaps I'm wrong but I also know there is instituational heat/encouragement to get a deal done before the end of Q2.