My NO Vote

[jft310]

Cyber
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[sageo]

What I miss in your letter is that a merger is proposed with a lame duck with poor assets. The P'Nyang field will be very expensive to develop and Osh has no money at the bank. Osh needs to sell its E/A stake to Total with a big discount. After a merger you know for sure that they will dilute.

Relker - Thanks for your comments You are "right on". We have a 'cash wasting',almost broke company voting to merge"with a lame duck " that is also way short on cash.(They do have some cash coming in ,unlike IOC, but it still is very small in comparison to what they are trying to achieve.)  Dilution now seems to be the key word in our present situation.

As Art pointed out in his fine post, it is so sad that so few truly understand just how HUGE the E/A reservoir is and how valuable Raptor and Bobcat,as well as the other leases really are. That "lack of understanding" is what is probably going to cost us dearly if we lose our company.

It is "grand theft" as he says.

[Libtardius Maximus]

Well done Art, we all should be keeping the pressure on for a NO vote.

Pass the sugar Peter.

[gildedrabbit]

If you own IOC, then vote "NO" to this sale to OSH.   Why,  because IOC assets are so valuable they are like being owners of the oil and gas fields that are similar to that of the  Royal Family's of Kuwait or Saudi Arabia!   Don't allow your IOC Royal Family Rights to be sold down the river by CARPET BAGGERS like Hession / IOC Board / Botten!  GRAND THEFT INDEED!  Stay Loyal be Royal!  Vote NO!

[Relker]

It is questionnable if Botten is able to proceed as planned. The end of July is only 5 weeks away. He promised to:
1. talk with ICCC, the PNG watchdog who fears the OSH monopoly over 2 LNG projects;
2. provide fiscal clarity about the deal and the possible trading limitations;
3. talk 24/7 with large shareholders;
4. provide more factual information about the deal.

Of course, he got an indication of the field size and concluded that he does not have enough money at the bank to finalize the PAC LNG deal without the IOC merger. Calio might have granted him a delay but not forever. It is clear that Botten is in a time squeeze. However, he has to deal with slow moving authorities who will not be impressed by his plans.

Funny question: what will Calio do with his vote?

[bossbob]

I am totally in agreement with Artm72's analysis. I will be voting NO !!

[Kaliboo]

I am totally in agreement with Artm72's analysis. I will be voting NO !!

Vote "No baby, no!!!"

Hmmm.  Doesn't have quite the chutzpah of "drill baby, drill."