'Kaliboo' pid='79512' datel Wrote:
'jft310' pid='79480' datel Wrote:For what it's worth dept . Left our no vote .
Thanks JFT for sharing your current plans. As I shared elsewhere on this MB, I too have withdrawn my dissent and did vote no. As an old oilfield hand I can see we are all getting ripped off because the opportunities in this lease position plus the current assets, are tremendous. XOM knows this. Unfortunately, conventionally accepted financial valuation procedures can't capture this. These are the same valuation methods that wrote off much of the Permian basin until oilmen proved that the volumes they knew were still present after decades of productoin using old technology, could be economiically produced at much lower cost and much higher rates using better technology. Similarly we know volumes are there in IOC leases, we just haven't had the right people picking te targets and drilling the right wells. Phil and all made not effort to argue a higher value on the other assets, so to me that was a signal to exit the dissent plan. A confluence of bad factors got us.
I look forward to this saga being over. Anything I have learned is that it probably is not going to be over when I think it will.
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Kaliboo – Palm is right. I hope you dissented wrong, thereby not dissenting at all; or if you dissented right, were able to withdraw your dissent correctly.
“we just haven't had the right people picking the targets and drilling the right wells.”
I don’t know how much experience you’ve had outside the US, but in frontier areas, it’s a different ball game. Like in the North Sea, the wrong people(the best in industry) drilled 20+ dry holes before finding the gold mine. I spent most of my career drilling 50-500 miles from the nearest well control. I oversaw two wildcats in PNG – both dry. PNG geology is a nightmare, the topography brutal, the seismic, where you have it, stinks. Proper migration is beyond technology.
I agree with you, IOC is in a great province with a lot of upside. But they’ll be drilling new prospects for 50 years. There’ll be lots of dry holes with people scratching their heads, and lots of teaser discoveries where you wonder if you should pursue them. And gas is a mixed blessing. Most of what is found will be stranded. It’s not Kansas.
Anyway, The IOC story for the past two years is not about geology. Sonny, It’s just business. And the stock market. All that potential and $3.95 will get you your café latte at Starbucks. That is, if you haven’t dissented and still have $3.95.