World Class Gas Resources

[Stavros]

This statement concerns me The LOW END of Mr. Mulacek's estimate range is WELL ABOVE the estimates provided through our independent resources certifier." It continues on to say that IF Mr. Mulacek's estimates were to come to fruition, we'll do really well by owning shares of the combined company.

My guess is that they are referencing GCA's 7.1 estimate which they cited a few times in the 2015 MD&A.

BELOW IS A POST BY PETRENGR1 THAT LAYS OUT THE FACTS. YOUR "GUESS" IS WISHFUL THINKING - - - PERHAPS PLANTED BY IOC'S PR FOLKS?

QUOTE

Here is a statement from IOC’s May 26, 2016 letter to shareholders accompanying the second issue of the “WHITE” proxy forms.

“ The LOW END of Mr. Mulacek's estimate range is WELL ABOVE the estimates provided through our independent resources certifier."

This is simply a false statement in the “Facts Sheet” from IOC management.

Here is what Phil said: “The InterOil Board and management allowed the material balance payment from TOTAL to be removed, which represents a significant loss of value assuming an interim certification of 7 tcf and a material balance certification of 12.5 tcf, both of which we believe to be reasonable based on our detailed understanding of the resource.”  >>> Stavros: Mulacek's RANGE is 7.0 - 12.5 Tcfe

The following is from: http://tinyurl.com/zpfomk7 

Here is what IOC’s independent resources certifier said: “GLJ Petroleum Consultants Ltd ("GLJ", an independent qualified reserves evaluator, prepared an independent evaluation of Contingent Resources for the Elk-Antelope Field as at December 31, 2015 which estimated the gross unrisked Contingent Resources for the Elk-Antelope field# of 7.7 Tcfe 1C, 10.2 Tcfe 2C and 12.4 Tcfe 3C.”

Previously GLJ estimates for Contingent Resources were 7.5 Tcfe 1C, 9.9 Tcfe 2C, 11.8 Tcfe, as at December 31, 2014.

So GLJ increased their 2C estimate for Elk/Antelope from 9.9 Tcfe at the end of 2014 to 10.2 Tcfe at the end of 2015.

The range of the field size according to GLJ is A 1C  volume of 7.7 Tcfe to a 3C volume of 12.4 Tcfe.

Not much difference from Phil’s estimate of field size ranging from 7 Tcfe to 12.5 Tcfe.

The low end of Phil’s range i.e. 7 Tcfe is not “WELL ABOVE the estimates provided through our independent resources certifier” as stated by IOC’s management.  >>> Stavros: Lying Criminals are at work attempting character assasination

Just further evidence that the current Management and BOD continue to lie to shareholders and fail to disclose material information so that shareholders can make rational decisions about the Company.

Of course the SPA between Interoil and Total is based on 2C  resources so the important number in the latest GLJ report is a 2C resource volume of 10.2 Tcfe.