Judging Dr Hession

[ebster123]

I recall Hession said we would spud Wahoo in Nov 2013. I recall Hession said communications to shareholders, stakeholders, and the market would be clear and transparent. I can not say he actually promised the IPI would be done by end of Jan. but he sure did intimate it. Let's hope he makes an announcement soon or I agree the PPS will take another big hit. I believe the brotherhood of shorts would pounce on a non deal with both feet and lots of short selling.

On Wahoo, I don't recall and have not found a statement that Wahoo would be spudded in November.  I do recall an indication from somewhere that spudding for that was planned for 4th quarter.  At that point it was anticipated the heliportable Rig 2 would be moved from Antelope 3 to Wahoo, and Rig 3 had been mobilized to the site for Elk 3, but everything was on hold pending the on-going negotiations with Exxon and other bidders and further review of the drilling program.  Everything changed when Hession and his team obtained $250 million in new financing to aggressively expand and accelerate the overall appraisal and exploration programs, which were announced and laid out with the third quarter report and presentation Nov 12.  That new expanded plan changed the destination of the heliportable Rig 2 to Bobcat in the jungled foothills of the Gulf Province, and the destination of Rig 3 to Wahoo after building of a side road to Wahoo, changing the schedule of Wahoo spudding to first quarter for obvious reasons.   I don't think the rescheduling of Wahoo in connection with those greatly expanded drilling programs involving four to six rigs or more is an appropriate or justified subject for complaint or criticism, but rather on the contrary new plans and programs to be praised and celebrated.

Regarding the IPI/minority interest buyout agreements, Hession's exact wording per the Dec 6 conference call transcript was,
"I'm HOPEFUL that that will be finalized no later than January ... Let me try and continue to under promise and over deliver."  Some might call that a "promise";  I would not, although it certainly is open to that interpretation and creates an expectation and possible disappointment if not completed then.  I think it probably will be completed in the next week, but I know it is a very complex issue.  It is a prerequisite for closing with Total in the first quarter, but personally, I don't think going past that January date somewhat should be seen as a big event, although obviously others may view it differently.

i disagree, if you can't do it don't say it.  Should have been much more vague if he was not sure.