How will the announcement come down?

[efi426hemi]

Hey all,

Some possible ways the announcement could go down:

• IOC press release - could come any time once legal documentation is signed
• Public signing event on PNG with the winning bidder and government - would probably take 1-2 weeks to set up to get all parties involved
• Winning bidder press release - could come any time, even before legal documentation signed through a leak
  
  • IOC defers to a Japan/SK so they can take the initial glory and maybe a politician leaks the news as he is too excited?
• Public signing event in Houston with winning bidder - would probably take up to a week to set up
  
  • Rex Tillerson just doesn't drop everything because a company with a 1% market cap of XOM has just picked a winner.
• Other?

Soooo, this thing could come anywhere from tomorrow to 2 weeks from now and disclosed in a variety of possible ways, PR, leak or a public signing.  All I ask is that IOC holds a conference call after the announcement complete with a full presentation describing how this thing is going to work: eg financing, offtakes, type of plant, payment schedules, timelines etc.

Keep it on Ice!

Hemi

[Palm]

Good call Hefi. Not announcing tomorrow or this week can't be construed as being bad news. The government is the one who has to call shots on photo ops etc. I think there's a saying or two about PNG, but its not about what happens in PNG...........

[Petro2458]

I'd expect IOC release: business as usual

[SamAdams]

I believe a Board decision, with pre-approved bidders, would need to be disclosed immediately.  The company cant withhold that information simply for photo ops, although there will be plenty of those.  If the Board selection needed some final govt. OK, then that would be different.  My assumption, and what the company has conveyed, is that the bidders were pre-approved.  I think O'Neil will get a call when the decision is made.  Any release can reference final sign-offs etc.  the sooner it's announced, the more painful for the shorts.

[Petro2458]

Agree..And the PNG photo opp is down the road..once New operator gets PA signed and development plan agreed.

[Palm]

Regarding any current BOD meetings I think we have to keep in mind the most recent company references:

From the March 1 PR:

"The InterOil Board of Directors will meet the Company’s advisors during March 2013 for the purpose of evaluating bids received for the development of the Gulf LNG Project utilising gas from the Elk and Antelope fields in Papua New Guinea."

From the RJ presentation:

"Closing remarks and Corporate Operating Goals Near term corporate goals:

  Enter into an agreement with an LNG partner including a sale of interest in the Elk and Antelope resource

  File an application for a PRL (Petroleum Retention License) for Triceratops Development

  Ramp up to two rig drilling program at Elk and Antelope and PPL237 with PRE.

  Continue LNG pre-investment to drive the development timeline and reduce EPC contractor and strategic LNG partner bid risks

  Generate positive EBITDA from our operating businesses

PNG Cabinet Conditionally Approved InterOil’s Gulf LNG Project

Advisors have informed the Company that several bids to partner with InterOil in its Gulf LNG project have been received. The bid received are from the types of companies we anticipated. Our advisors are now evaluating the submissions.

The InterOil Board of Directors will meet the Company’s advisors during March 2013 for the purpose of evaluating bids received for the development of the Gulf LNG Project utilising gas from the Elk and Antelope fields in Papua New Guinea.

  InterOil, and the partner we select, plan to form a Joint Venture which will be aligned to bring an LNG processing facility to Papua New Guinea of a nature and in a manner which will be satisfactory to the State

  With the incoming partner, the Joint Venture intends to finalize the development plan for the Gulf LNG project and complete the proper documentation to move the Gulf LNG project forward.

  The Gas Agreement with the PNG State, which supercedes our 2009 Project Agreement and controls the project development, should be finalized with the LNG partner we select."

[Tree]

Regarding any current BOD meetings I think we have to keep in mind the most recent company references:

From the March 1 PR:

"The InterOil Board of Directors will meet the Company’s advisors during March 2013 for the purpose of evaluating bids received for the development of the Gulf LNG Project utilising gas from the Elk and Antelope fields in Papua New Guinea."

From the RJ presentation:

"Closing remarks and Corporate Operating Goals Near term corporate goals:

  Enter into an agreement with an LNG partner including a sale of interest in the Elk and Antelope resource

  File an application for a PRL (Petroleum Retention License) for Triceratops Development

  Ramp up to two rig drilling program at Elk and Antelope and PPL237 with PRE.

  Continue LNG pre-investment to drive the development timeline and reduce EPC contractor and strategic LNG partner bid risks

  Generate positive EBITDA from our operating businesses

PNG Cabinet Conditionally Approved InterOil’s Gulf LNG Project

Advisors have informed the Company that several bids to partner with InterOil in its Gulf LNG project have been received. The bid received are from the types of companies we anticipated. Our advisors are now evaluating the submissions.

The InterOil Board of Directors will meet the Company’s advisors during March 2013 for the purpose of evaluating bids received for the development of the Gulf LNG Project utilising gas from the Elk and Antelope fields in Papua New Guinea.

  InterOil, and the partner we select, plan to form a Joint Venture which will be aligned to bring an LNG processing facility to Papua New Guinea of a nature and in a manner which will be satisfactory to the State

  With the incoming partner, the Joint Venture intends to finalize the development plan for the Gulf LNG project and complete the proper documentation to move the Gulf LNG project forward.

  The Gas Agreement with the PNG State, which supercedes our 2009 Project Agreement and controls the project development, should be finalized with the LNG partner we select."

We will know much more in 19 to 49 days.

[sfiaes]

I think we will know a lot more this week.

If IOC won't tell us, the market will.

The bids are opened, it is virtually impossible to keep a secret at this point.

[ebster123]

Sfiase, could go the other way as well. Shorts could start an all out blitz and say that there was leak and bids are poor. Won't last long but hen you are drowning you will hang no anything...time will tell

[geologydude]

Sfiase, could go the other way as well. Shorts could start an all out blitz and say that there was leak and bids are poor. Won't last long but hen you are drowning you will hang no anything...time will tell

To your point Ebster, do you (or others) feel the need to buy puts or use stop losses at this point in the game?