What is IOC's 30% LNG ownership worth?

[admin]

Yes Sam, I like the percentages from here, drilling three different prospects. We only have to have one hit, providing the EA appraisal doesn't run into unexpected disappointments. That's always possible, I guess, but then again, pleasant surprises are also possible, and perhaps more likely, if it's true that independent appraisers are inherently conservative.

[ArtM72]

Mike-You fail to give credit to the changes. This is NOT the same IOC. The resource has more proven out today than in the past and a massive campaign to prove out more is underway. You judge IOC on what Phil tried to do and promised. The people making unfulfilled promises are GONE! To drive home my point get a management list from 7 years ago See who was in what slot 7 years ago and whose there now. When you do that you will see Wayne is the Lone Ranger left. Further compare resumes of whose left and today with who has extensive LNG experience. More important we are weeks away from the signing of a Super Major with deep pockets . This is NOT your Mothers IOC. Please embrace the changes for what they are and can be. The players have changed and well different people do different things. Some look back and moan and others look forward and see what can and will be. Your call.

I've  been out of communication for the last week JFT and am trying to catch up and saw your post about unfulfilling promisers.  Did I miss the posting that Hession came through on his promise to deliver in January those independent interests that were a precondition to the agreement with Total?  I did see that Hession has moved a couple more guys into top management spots.  Looks to me like Woodside is taking IOC over from the inside but haven't yet run into the board's discussion of those changes.  Leaves me wondering what surprises they have in store for us.  Curious that the guy running IOC's unbelieveably effective PR machine is the last guy standing, isn't it?

As to the "massive campaign" for new drilling I've yet to see any new spudding announcements or rig contracts and it's already the 26th.  Maybe I've missed those too.

Maybe it's time for you to stop your incessant promotion of imagination as reality.  I'll offer my apologies now, ahead of time, if I'm off base.

Best regards,

[jft310]

So know we are pre judging IOC events based on the history of dismissed employees . Is that reality. ??

[ArtM72]

Nice argument strategy but a little common.

[Getitrt2]

Art, if JFT is at one "extreme", you seem to be at the other. You're even judging January before it's over. Also, would you please enlighten me as to when and where current management promised a spudding in January? What I heard was Wahoo in first quarter, and that has now been upgraded to all three exploration wells in first quarter, and up to three appraisal well and one exploration well in PRL 15 in 2014, per the Jan 13 presentation. That's progress in my book.

The board hired Dr. Hession. Why would you think they need to approve hires under him, publicly or otherwise? Incentive programs they would need to approve.

"Maybe it's time for you to stop your incessant" inaccuracies and negativism and presenting them "as reality".

[johnwgrant]

I may have missed it, but, when/where did Hession promise that the IPI investors would be "taken care of" by 1/31/2014?

I would be quite happy if it happens this week - I just did not catch a commitment from IOC that it would be by 1/31/2014...

Thanks for bringing me up to speed !

[ltinvest]

The drilling program has been discussed in some detail this month. Conference in London, PR, etc. 1st Q Spudding plans look to be accelerated, at minimum, based on what was originally discussed a couple of months ago.

Everyone knows what needs to be done and an idea when it will be executed. Let our new CEO and management team carry them out.

[mikesioc]

Good post, Jft.  It clearly states why IOC cannot/should not be compared to Iol Search, and why IOC has the potential to be a $30 billion company.  The only possible agreement I have with Mike regarding his reply to my post, is that I, too, believe that there is a chance that we may not attain the $30 billion valuation.  Not because it is a "pie in the sky" idea, but because I have a great fear that we will be bought out much earlier.  I just hope that Hession can deliver his goal of a $30 billion company!

As we sit here today at $51 if your biggest fear is being bought out for less than $600 I'm happy for you.

[ltinvest]

I'm quite positive the share price is a lagging indicator of what's happening at IOC. not only are we absurdly undervalued......which has been discussed at length.....but we're likely in a "show me" stage whereas the pps will appreciate as important milestones are reached. Lots of that about to happen.

[Getitrt2]

Mike, I'm not even trying to contemplate a date for $30 billion, but I think your view of its taking at least seven years to "match OSH" is an unlikely worst case scenario. I believe FID will be reached much sooner than expected and that IOC will have much more resources than OSH.