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If Phil would have just out bid RDS's $100 mill bribe offer to Petromin two years ago we wouldn't be in this mess today!!
Fire Phil!!!
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He has really messed this up hasn't he? Interesting thing will be that now with the head of the lead snake cut off and the misinformation (non-accretive bids, resource suspect, little or no cash up front, etc) flow severely disrupted, where will the rest of the snakes get and disseminate the lies? And with Kalinoe probably spilling his guts those who participated are probably a bit nervouse. Inciderr seems to have nailed it.
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["but it seems as if their power has been eroded since O'Neal came on board, yet the shorts continued to build their position."]
This is a VERY recent development, I wouldn't draw too many conclusions from it, if any. Also, what do you expect them to do?
It also depends whether they just got info from the deep throat in Petromin and what the quality of that info really was, or whether they were provided with some kind of guarantee.
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This is all just becoming official. The "game" has been that Petromin has been designated as the State nominee by NEC and it (Petromin) is a political animal with plenty of power/pull. Big egos have made many promises and assurances to shorts. And yes the short interest has gone up, but so has pps. So who really knows more of what is correct? Up until very recently shorts have been very sure of themselves. But this thing with Petromin has happened very recently and very suddenly; within the last couple of weeks. So what can 14 million short shares do at this point? Look at the options and what others have said about that. Then they can hold out some hope that their original bets play out or play out enough for them to be able to recover. At this point they don't dare start running for the exits. Their only hope is that there are more than 4 aces in the deck still. But O'Neill and the NEC just switched the dealer and the decks. The odds are now back in the house's favor and IOC is in the house. Time to deal.
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DPE is a sieve too. Petromin/DPE these guys are all cronies. Just because Petromin is busted up doesnt mean that info will stop flowing. I suppose PNG could get rid of all their bureacrats in the O&G industry and staff any new entity with newbies...but I find that unlikely. Fiefdoms, contacts, relationships, beholden friends will remain part of the scene.
Yes its a positive that Petromin is closing up shop, but personally I dont think a lifetime of cronism and palm greasing will end.
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Yes, but one of the main leaks in DPE has just been found guilty of contempt. By PNG law he can no longer hold office. The "right hand" of Duma has been severed and his left hand is getting chopped as of April 4th. A couple of very strong messages have been sent and though the flow may never be totally stopped, the control of the flow has been severely disrupted and O'Neill and the NEC know who the main players have been. With the coalition being as strong as it is and a "non-political" BOD having been appointed to oversee NPCP (under which Kumul Petroleum will likely fall), the game and main players have changed very quickly.
