Someone explain to me why the press release was needed? Policy was no comments until we have a deal and details, right. O"Neil says something, big deal, no comment at this time. What was so pressing and urgent. Once again a Mickey Mouse press release that evokes a discussion of whether this is the deal or not the deal or part of the deal.Clear as mud.
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Here's my take: O'Neill's comment forced the press release. Perhaps O'Neill even forced IOC's hand. Regardless, when the PM with all of his authority says 'jump' IOC is obliged to jump. They couldn't very well deny a quoted directly from ONeil.
Mickey Mouse? I suppose if there is something you have to criticize that might be just about as far as you cant justifiably go. Some on other boards are saying Exxon isn't trusting inflated IOC resource numbers. I suspect Exxon just wants to be certain there is plenty of gas available without stressing theexisting wells so whether delineation or productoin it matters little. IOC will have plenty of cash to move immediately. There is also the issue of condensate and with only a single horizontal having been drilled to date the word delinieation may have as much to do with condensate recovery as the location of the field closure.
FWIW (nothing) that horrid price action yesterday may have been something as elementary as buy on the rumor and sell on the news. That, and who the hell knows what kind of trading algorithms are out there monitoring IOC. Anything can happen when you can trade in milliseconds.