'CAC' pid='25843' datel Wrote:IOC's 'inadequate data room' has been used by short's as evidence that bidders lacked full information and IOC was inflating their resource #s.
Ever stop to think that IOC was less than forthcoming in it's data room simply for self preservation?
Could be bidders were shown enough to bid but not enough to be enticed to buy-out IOC.
What if that was part of the industry rub against Phil.
Sucky data room by design.
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I know that's just a hypothetical scenario, but it would be reason enough for me to think he should have been shown the door. Intentionally deterring a buyout offer? Yikes! The shareholders can certainly choose to reject a buyout offer if they deem it insufficient, but I would hate to think a CEO would take steps to prevent the shareholders from even getting to see, evaluate, and consider such an offer.
Actually CAC I think the scenario is more than hypothetical and likely think it has much truth. There is a bit of evidence to support it also. Spring 2011 (pretty sure, could have been 2010) CC Phil stated in response to mentioned high interest in the project from majors and specifically Shell experiencing cost blow-outs in AU projects , and I paraphrase:
'Let's stay focussed of our first deal and after that, we can roll out the 'Rolodex of Reefs' and show the world'.
That implies data on 1 reef, enough for an LNG project would be shared. Not all data on all prospects.