'petrengr1' pid='52143' datel Wrote:.....My comment:
We have been told for some time we would get information when the wells were completed. I think on these two exploratory wells we should have been given at least this much information since this was supposed to be an update?
Raptor-1
1. Flow rate
2. Well head flowing pressure
3. Choke size
4. Bbl of condensate/MMCF
5. Absolute open flow potential based on the 4 point test.
6. Shut-in well head pressure and/or reservoir pressure.7. Log data
If this information is truly not available because the flow rate has not yet stabilized then the information should be provided as soon as the well is stabilized and before the test is terminated and the rig moved out.
Bobcat-1
This well was said to be logging several days ago. The logging should have been completed long ago. The log data is available immediately at the well site when the logging is completed.
I consider the following information material in this case.
1. Does the log indicated hydrocarbons in the limestone formation?
2. Does the log indicated this well is a dry hole?
3. Did we see hydrocarbons on the mud log as the pay zone was being drilled?
4. Does the log indicate the porosity is good enough to justify testing to determine commerciality or not?
http://www.interoil.com/iocfiles/documen...0Final.pdf
IOC's policy on Material Information Disclosure is as stated:
"B. INSIDER TRADING
It is not ethical or legal to trade on material non-public information and InterOil Associates are prohibited from doing so. “Material” information is information that a reasonable investor would consider important when making decisions about whether or not to buy, sell, or hold the securities in question. Examples might include earnings estimates, stock and dividend activity, significant litigation exposure due to actual or threatened litigation, changes of control or management, pending mergers, sales, acquisitions, reserves numbers or other significant business information or developments.
In addition, InterOil Associates may not provide material non-public information to others, including family or friends, and allow them to trade on it."
Granted, the above is a non exhaustive list of what qualifies as legally defined 'Material Information' but it paints the spirit of what is 'Material'.
Completed and tested wells are Material Events and we can expect IOC will update at that time.
Blow by blow info is nice but in no way is it required or reasonably expected as upfront Hession stated when the market would be informed on these wells and that is when they are completed. Dealing real time data points to the marked would likely create even more confusion and volatility.