Two year anniversary

[kkozkkoz]

How have any of your 7000+ posts help? What are your motives? Are you a paid pumper or just blind to the fact that this has been an epic failure on the part of current management to do the one and only thing that matters to this company and shareholders: GET PAID FOR THE ASSETS! With you (and management) it’s always perfect and someone else’s fault when thing go wrong. The board of directors should find a new CEO that can complete the task, but they won’t because they get free stock for doing nothing. The longer it drags on, the more shares they will collect. Hession has become a multimillionaire over the past 2 years, while shareholders have the stock cut in half under his watch. The stock has underperformed its peers even in a bad energy sector. Why? Because they have not done the one thing that matters, get paid. Delay after delay is standard for Hession. Didn’t he have the same problem at Woodside? My motives are clear: I want a CEO that is help accountable. I have a fiduciary responsibility to my clients. My clients, my family and I have lost significant amounts of money and time waiting. Shareholders should be revolting against this company. Two years after this deal was announced, we still don’t know any of the two things that are vital to value this company: How much gas do we have, and when will we be paid for it?

Tree, Which came first IOC's sell to TOT or IPI's sell to OSH? IOC sold their (and the IPI) stake to Total. The IPI investors said not so fast. We want to sell to OSH. OSH said, we want our 22% of the gas to go to Train 3 of PNG LNG. InterOil then transferred ownership of E/A into a separate whole owned subsidiary and sold it to Total. OSH filed suit because the dispute in the JVOA. To continue to blame the delay of certification solely on arbitration and OSH (Botten and Civelli) is wrong. Hession did not lock down the IPI stake before he sold. Furthermore, after arbitration was settled, InterOil still claimed certification payment by YE 2015. The very first time a delay was mentioned was June 2015 at the ASM because the test results were so good they estimated the field was much bigger and they wanted to be paid for every molecule of gas. Since then we have had two additional delays and neither have to do with arbitration.

I would be ok with the delay if Interoil came out with a definitive statement like,  We can now be certain the low end gas estimate will come in at X and at a minimum the certification payment will be Y.  Nobody can value the statements were looking for all of the molecules.  The company as been analyzing the data for a long time, they better have some clue as the the amount of gas at this point or they need to be replaced by somebody who does.