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Just may be too many to call 'Short List' any longer. Makes sense huh?
1) Best resource in Asia, bidder count is high high high.
2) Exploration upside unmatched T count to go high high high.
3) LNG prices high high high.
4) E/A prices will be high high high.
5) It happens when it happens.
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Yea, in essence, it has always been a relatively straightforward story. One of the best resources in Asia with one of the best upsides in times of an LNG boom. I really have a hard time thinking of anything to suggest there wouldn't be multiple bidders..
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With as many bulls as there are Tree, and with as many shorts as the near 9.9 million or so I last read, I think it's near etched in stone that whatever direction we take will be HUMONGOUS when it happens..I say it's huge UP.That's my bet, and am adding to my jan 2013 120 strikes today..Note I sold 120's(covered calls) two years back(I think 2-years) for near 14 per contract and at about the same time in the year with regards to time available left on them til expiration..They seem extremely cheap and I am betting such they are...just think that because we have not gone up huge today(yet perhaps), they are slightly cheaper than last week..very exciting times indeed..
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Guys-Just posted on other board by a fella that seems trustworthy. Pacific Rubiales says" IOC has a tiger by the tail in Triceratops". ( Could turn out to be the largest field yet discovered in PNG ).As Hemi says-h&h to you!
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Hmmm, isn't it XOM that puts a "tiger in your tank"?
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Pet got a look at a 10 foot long drilling log from T2 and went over it with Phil. It will be interesting to read his take.
I'm amazed how much column there is below the mid cap when you compare it to the top chamber which itself is a pretty substantial find. The reasons given for the delay getting reliable DSTs from the lower chamber seemed quite plausible (even humorous regarding getting the penetrating charges through PNG customs). No one is going to know for sure what is there until the column pipe is in, cemented, shot full of holes and and swabbed. Two weeks to four months is the new time frame per Phil.
I struggle with differentiating between condensates and oil, but Phil thinks there's a very good chance there's likely a whole lot of light liquid down that hole. I don't know enough to reject out of hand the idea it could be all condensate with dissolved NG like CO2 in a soda bottle. Just like with the selldown, patience needs to be our mantra as stockholders. Nothing I saw today sends an alert flags up my pole. To the contrary. Everything continues to look and sound excellent.
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Thanks Art. Would have loved to be there when Pet and Phil went over that 10ft+ log..
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Yes - it was a very special moment for all of us to see as the whole room turned to watch what shareholders do not often get to see - Three geologists, Phil and Wayne and Pet discussing the log from TRI. Speaks volumes of the high quality of IOC management.
Tusk
