Phil Speaks on Retirement

[Stavros]

Tree said "You are trying to size an iceberg from the visible tip CAC. Enough said. "

As such, I don't expect to see another post from him on this thread.

If I do, then it tells me something about him and his motives here.

Respectfully, Stavros (and no one else)

[kommonsents]

Tree said "You are trying to size an iceberg from the visible tip CAC. Enough said. " As such, I don't expect to see another post from him on this thread. If I do, then it tells me something about him and his motives here. Respectfully, Stavros (and no one else)

I agree.

"Enough said" = I want to have the last word.  Your POV is irrelevant.

[Palm]

"I was retiring so that I can focus on my private company after we get the LNG [transaction] closed, and help InterOil as a director and chair certain strategic committees that I enjoy,” Mulacek told PNGIndustryNews.net. " Wouldn't it be grand if the "private comapny" is actually the holding company of all of the "unproven leads" that Phil can start all over again with the leads. Great if IOC shareholders as part of a buyout of E/A and T2 get shares in the SM who buys IOC and Shares in the new company that holdes the remaining leases. One can dream and....time will tell

Ain't happening; those licenses are part of the IOC structure.  If you look at the AIF filed each year at year end you'll see the corporate structure.  Actually IOC is a holding company of sorts with many partial and fully-owned subsidiaries.  The licenses are held sepraately in 100% subsidiaries of 100% subsidiary SPI Exploration and Production Company.  Then Interoil LNG Holdings Inc (another 100% sub of IOC) is the parent of 84.58% sub PNG LNG Inc, which has a 100% subsidiary named Liquid Niugini Gas Ltd which is the company in which Gulf LNG will reside with whatever other partner(s) buy in.  This is all on page 9 of the 2012 AIF:

http://www.interoil.com/iocfiles/documents/investorrelations/financialreports/2012/IOC%20YE%202012%20Annual%20Information%20Form.pdf

Needless to say, all is wrapped up tightly within the IOC/Pac LNG structure, which is the way we want it as shareholders as well as IPI Partners.  No way to remove those licenses without them being bought out and approved by the PNG government.

Maybe Phil will rejoin Wayne H and Henry in that venture out west.

[ellerslick]

"I was retiring so that I can focus on my private company after we get the LNG [transaction] closed, and help InterOil as a director and chair certain strategic committees that I enjoy,” Mulacek told PNGIndustryNews.net. " Wouldn't it be grand if the "private comapny" is actually the holding company of all of the "unproven leads" that Phil can start all over again with the leads. Great if IOC shareholders as part of a buyout of E/A and T2 get shares in the SM who buys IOC and Shares in the new company that holdes the remaining leases. One can dream and....time will tell

Ain't happening; those licenses are part of the IOC structure.  If you look at the AIF filed each year at year end you'll see the corporate structure.  Actually IOC is a holding company of sorts with many partial and fully-owned subsidiaries.  The licenses are held sepraately in 100% subsidiaries of 100% subsidiary SPI Exploration and Production Company.  Then Interoil LNG Holdings Inc (another 100% sub of IOC) is the parent of 84.58% sub PNG LNG Inc, which has a 100% subsidiary named Liquid Niugini Gas Ltd which is the company in which Gulf LNG will reside with whatever other partner(s) buy in.  This is all on page 9 of the 2012 AIF:

http://www.interoil.com/iocfiles/documents/investorrelations/financialreports/2012/IOC%20YE%202012%20Annual%20Information%20Form.pdf

Needless to say, all is wrapped up tightly within the IOC/Pac LNG structure, which is the way we want it as shareholders as well as IPI Partners.  No way to remove those licenses without them being bought out and approved by the PNG government.

Maybe Phil will rejoin Wayne H and Henry in that venture out west.

Stay tuned next week for a new episode of How IOC Turns.  We keep you guessing, it is good for the ratings.

[Palm]

"Stay tuned next week for a new episode of How IOC Turns. We keep you guessing, it is good for the ratings."

As is true at most any publicly traded company. Thus we have EPS disappointments, beats, surprises, etc. And that's what makes a market. Talk to an Apple shareholder these days. Even with Jobs there you never knew what tomorrow would bring. We have the same.

[Getitrt2]

bonk and other shorts are using Phil's interview to claim that not only has no partner been chosen yet, but that there are still just "bidders", whose offers probably are not very good, and a final decision will wait for a new CEO, which will likely be "months away".

What the Company is saying contradicts that as well as other claims. They are saying that they have a preferred or leading bidder, and that the current board of eight directors, which of course includes Phil now and after April 30, is making the final selection of the partner(s). That indicates to me that this BOD will not be waiting for a new CEO, which could be any time, to finalize a decision, that they are moving to get that done. Of course, once that decision is finalized and an agreement reached, they will be required to disclose it, regardless of the status of the CEO position.

They are also responding to claims that the PNG government will make the final partner selection decision. They are saying that the government is "involved" (obviously), but that all bidders are acceptable to the government and the BOD will make that final decision.

[Tree]

bonk and other shorts are using Phil's interview to claim that not only has no partner been chosen yet, but that there are still just "bidders", whose offers probably are not very good, and a final decision will wait for a new CEO, which will likely be "months away". What the Company is saying contradicts that as well as other claims. They are saying that they have a preferred or leading bidder, and that the current board of eight directors, which of course includes Phil now and after April 30, is making the final selection of the partner(s). That indicates to me that this BOD will not be waiting for a new CEO, which could be any time, to finalize a decision, that they are moving to get that done. Of course, once that decision is finalized and an agreement reached, they will be required to disclose it, regardless of the status of the CEO position. They are also responding to claims that the PNG government will make the final partner selection decision. They are saying that the government is "involved" (obviously), but that all bidders are acceptable to the government and the BOD will make that final decision.

More likely the new CEO is awaiting the SD partner selection.  He then will know who he is working with and will have more clarity on his role.  If we are headed for a buy-out there will be no new CEO announcement as that would only be an expensive waste of $ with all the options that CEO would demand.  New CEO named will precipitate the announcement of a chose and not yet announced winner.  Is that a same day announcement when partners have been signed?

[Palm]

As I just posited elsewhere, the best candidate for many reasons might just be Collin V. He'd be great CEO at this stage.

"Mr. Visaggio is a seasoned oil and gas executive who now has achieved 30 years experience in senior financial and business positions, within InterOil, Woodside Petroleum and BP Australia. His career has given him a broad spectrum of financial and business experience in Exploration and Production, Offshore Gas Production, Oil Refining, LNG and Domestic Gas. Mr. Visaggio spent most of his career at Woodside Petroleum from March 1988 to July 2005, with his most recent positions being Manager, Compliance and Business for the Africa Business Unit, Manager, Commercial and Planning for the Gas Business Unit. His responsibilities included the management of the business unit financial and business processes and implementing governance. Prior to this and during his 17 years with Woodside he was Deputy Chief Financial Officer and Financial Analysis and Planning Manager within Corporate Finance."

[Tree]

Palm, you are just too close to management!

[Palm]

I forgot. Should I cancel my weekly "Dinner with Phil" fireside chat for tomorrow?