Timing

[mikesioc]

I have not been sitting on my hands these last 5 years and wouldn't still be here if I didn't believe IOC had the potential to far exceed other opportunities in the near term. The market is offering us Philadelphia pawn shop pricing right now but waiting a bit longer for results of the current negotiations seems prudent. After that a reassessment is certainly in order. When all is said and done it will be very interesting to track OSH v IOC by 2020. How much interest in how many trains for each by then? Assuming OSH will own 22.85% of PRL 15 and maintains its options for confirmed discoveries the current perception has OSH well ahead. If Hession can bring RDS or Woodside into the current bidding IOC can exert some leverage and make up some ground. Further if drilling results are successful. That being said based on recent twists PNG seems likely to guide this into the outcome that best serves PNG which are more aligned with OSH/Exxon and may conflict with IOC's best interests. We'll know soon. Best of luck to all whatever your expectations may be.