Where are the Elephants?

[CesiumFormate]

It is my opinion as I read through this board that there are too many whiners who want information about drivel that would be meaningless until the wells are completed and tested. If we did get dribble/drivel reports you would complain about how the bad news pushed the stock down, and how the good news invited the shorts back in and increased the volatility. Hession is playing to sophisticated institutional investors in his communications, not individual investors. The institutional investors care about results, not drivel. Hession has delivered what they need.
1. Monetizing the current assets
2. Focusing the company
3. Stabilizing the share price.

He is now focusing on adding assets and further monetization. From their perspective he is doing the right thing.

There seems to be an expectation that every announcement should push the stock up, and that the stock should stay put until the next announcement that pushes the stock up. The real world is that stocks ebb and flow. I believe IOC is trading well within its range given the risk of the stock.

Now you can complain about my post. It will get you off of the lack of information -- that is not coming until the wells are proven one way or the other.

I for one believe we will end up with 2 out of 3 good wells at least. So I must have faith in father Hession until he delivers. I am not ready to leave the cult!

CF

[Tree]

..."This management is scary - a bunch of high-priced big company suits who may have done nothing."... Maybe they are the perfect management for the task. Looks that way from USA.

PS edit:  Maybe the oversubscribed banks that laid out $300 Mill in credit while they knew the refinery was sold are simply enabling an incompetent management destroy market cap.

[Palm]

Great post CF. Sale of interest in PRL15, getting cash in door, getting lines of credit selling refinery, drilling, dealing with OSH Dispute leaves little time to communicate all but necessary.

[Indoreservoir]

Great post CF. Sale of interest in PRL15, getting cash in door, getting lines of credit selling refinery, drilling, dealing with OSH Dispute leaves little time to communicate all but necessary.

I'll just say we have different opinions and leave it at that.

with a couple tidbits:

Interesting MH was appointed about 1 yr ago this week, and IOC is down about 13% and the Dow is UP about 13%.  Yeah, I reckon he's doing a Brownie 'heckuva job!'

And a pink shirt on his website photo! Good grief. Deer in the headlights.

[CesiumFormate]

Great post CF. Sale of interest in PRL15, getting cash in door, getting lines of credit selling refinery, drilling, dealing with OSH Dispute leaves little time to communicate all but necessary.

I'll just say we have different opinions and leave it at that.

with a couple tidbits:

Interesting MH was appointed about 1 yr ago this week, and IOC is down about 13% and the Dow is UP about 13%.  Yeah, I reckon he's doing a Brownie 'heckuva job!'

And a pink shirt on his website photo! Good grief. Deer in the headlights.

I would argue that the stock price was over priced at the time due to drivel reports about an Exxon deal that never happened.  What we don't know is how far along the deal was before it was handed to Hession.  It is what it is.  At least Hession got a deal and he finally put a stake in the ground.  I don't want him looking at the stock price today.  I want him focusing on long term value.

CF

[Libtardius Maximus]

[quote='Palm' pid='46495' dateline='1404822503'] Great post CF. Sale of interest in PRL15, getting cash in door, getting lines of credit selling refinery, drilling, dealing with OSH Dispute leaves little time to communicate all but necessary.

I'll just say we have different opinions and leave it at that.

with a couple tidbits:

Interesting MH was appointed about 1 yr ago this week, and IOC is down about 13% and the Dow is UP about 13%.  Yeah, I reckon he's doing a Brownie 'heckuva job!'

And a pink shirt on his website photo! Good grief. Deer in the headlights.

I cannot let the pink shirt reference stand without a personal story. Years ago I bought a fashionable casual pink shirt and wore it to an event of some stature. I had not realized what I have done to offend some of the males at this event, but there were needling comments from those of my gender that escalated as more drinks were consumed. I took it as good natured ribbing without realizing what I had done. I recall thinking I will never wear this shirt again. Right about at that point a highly successful  and respected female business owner in the community was observing  this banter from afar without my knowledge. As I was walking to the mens room she headed me off and said can I talk to you for a minute? Of course I obliged since if this woman wanted to talk to you there was no way anyone wth a modicum of sense would say no. She said I want to talk to you about something and guided me out of the event to the lobby, spun me around putting her hands on both my shoulders and looked me straight in the eye and said I want to talk to you about your pink shirt. I thought...oh no...she then said, word for word do you know what it says to a woman when she sees a man in a pink shirt? Confidence, it takes a confident man to wear a pink shirt.

I never forgot that and I never will.

[Palm]

Great post CF. Sale of interest in PRL15, getting cash in door, getting lines of credit selling refinery, drilling, dealing with OSH Dispute leaves little time to communicate all but necessary.

I'll just say we have different opinions and leave it at that.

with a couple tidbits:

Interesting MH was appointed about 1 yr ago this week, and IOC is down about 13% and the Dow is UP about 13%.  Yeah, I reckon he's doing a Brownie 'heckuva job!'

And a pink shirt on his website photo! Good grief. Deer in the headlights.

Sure, the day the guy walks in the door, he's responsible for all the past of the company. Then when he gets the company properly capitalized, shuts down leaks, changes management and gets a good deal done at market rates with a super major, we blame him for the pps drop and compare return from the day he walked in to the Dow (???!!). Sounds like a trick one of our friends on Yazoo used to do. Let's instead look at post-deal after things got sorted out; YTD we are up 19.57%. How's that compare to the Dow?

[sageo]

Petrengr1, Did you notice in the 7/3 RJ "Brief", they said, "It would be rather academic (and, frankly, useless) to talk about anything resembling results before the wells reach total depth and can be tested, so the market will simply need to be patient. That said, these are all multi-Tcf targets, and Raptor has liquids potential in addition to gas.". Also, I feel sure you are aware that on the Raptor slide of the May 14 presentation, and I think others, they indicated, "First test of new trend near Puri-1 oil discovery"; but my impression is that the oil flow there did not last. It seems to me that all this is relevant also to the plans to drill Puri Deep and Kereru Deep on the Raptor trend in the future, as you indicate. I know there's a hesitation to talk about oil at this point, but it's mentioned in previous presentations and apparently is coming up at roadshow presentations and meetings. Any comments you care to make on all this?

I think shareholders would be more patient as MH requested, had we not exceeded HIS target dates without anything but a "be patient speech."  Anyone from IOC using the term patience should be punched in the mouth in my opinion.  I've been patient, others here have been more patient than myself.  Put up or shutup is where I stand, and quite firmly at this point.  Where are the drilling results?  That is a fair question.  I wonder if anyone bothered to ask or if they just genuflected in the presence of the CEO.

Good luck longs

Jdeo

Wow, Judeo!  You getting a little skiddish!  Might as well settle down. We aren't going to get any drilling results until there are drilling results.  That's life in the oil patch.

Not skiddish thy. I just think some micro execution would be welcome here. Mh should know life in the oil patch means you shouldn't put timelines out there to be critiqued when you miss them and don't really give any substantive reason.  on a macro level, yes the changes in company policy are good imo.  But there is no reason to tell us 90 days if you think there is a chance you will miss on delivering in that time frame. Is that skiddish or accurate sir?  I'm no longer an apologist for this company.  I have real money invested and I want the ceo to deliver what he says he will deliver is all. Does that seem like a radical thought to you? Good luck longs

Jdeo,

I'm with you - i want some results.  All we've seen from MH is a botched sell-down and announcemet which cratered the share price, and now 3 out of 3 delayed exploration wells.

This is amateur hour so far, and I'm very concerned about MH's competence.  In a big company like Woodside incompetence can be hidden - not so a small company like IOC.  He's going to have to deliver on promises, not wave hands.

3 out of 3 wells with problems is simply  terrible luck (unlikely) or a problem with the planning/team.  My guess is the team is the problem.  Its not like this is a completely new basin - they've drilled some 9 wells there so they have a pile of data to help plan - somebody has really screwed up is my guess - ON ALL 3 WELLS.  Simply incredible. Heads should roll, and my guess is Total is saying the same.

Lets hope they bumble through and we get some positive results.

GLTAL

Indo - Your words are very profound. To not have reached "total depth" in any of the 3 wells after this many months is extremely unusual. Well-explained reasons would go a long way to help in this waiting game,imho.Yes,we have some "words" about the 'sticky shale',but it just seems we have more problems than ever before. GLTA.

Not skiddish thy. I just think some micro execution would be welcome here. Mh should know life in the oil patch means you shouldn't put timelines out there to be critiqued when you miss them and don't really give any substantive reason.  on a macro level, yes the changes in company policy are good imo.  But there is no reason to tell us 90 days if you think there is a chance you will miss on delivering in that time frame. Is that skiddish or accurate sir?  I'm no longer an apologist for this company.  I have real money invested and I want the ceo to deliver what he says he will deliver is all. Does that seem like a radical thought to you?

Good luck longs

[CAC]

Not skiddish thy. I just think some micro execution would be welcome here. Mh should know life in the oil patch means you shouldn't put timelines out there to be critiqued when you miss them and don't really give any substantive reason.  on a macro level, yes the changes in company policy are good imo.  But there is no reason to tell us 90 days if you think there is a chance you will miss on delivering in that time frame. Is that skiddish or accurate sir?  I'm no longer an apologist for this company.  I have real money invested and I want the ceo to deliver what he says he will deliver is all. Does that seem like a radical thought to you? Good luck longs

***********

"Apologist".  Interesting choice of words, JDEO. 

I think there are some on this Board who, out of ideolgical priciple or in furtherance of a public perception battle they believe needs to be fought with the shorts, will never allow themselves to say (or acknowledge) anything negative.  Those who raise what I sometimes see as reasonable questions, get attacked...or at least quickly "countered" with posts from a few defenders setting forth the much more positive way to view the same issue.  That rings hollow after a while. 

I can't reasonably say that IOC should have reported well results if they don't have any yet...and maybe I can't even point to a specific deision or policy that defintiielyfail" analysis.  If management gets the pps higher then they "pass".  If they don't then they "fail"...because ultimately pps is the only thing that matters.  All of the specific tasks that get executed (and lauded by some), to me, are just the means to an end.  They, in and of themselves, have no intrinsic value...except to the extent that they increase pps.  I think an apologist can always focus on fundamentals or other things" that "should have worked" when complimenting/defending management.  I say enough with the excuses, explanantions, or as JDEO says, "apologies".  Either what they do increased the pps...or it does not.  All of the other stuff is window dressing.  Let's get it done!  

Not skiddish thy. I just think some micro execution would be welcome here. Mh should know life in the oil patch means you shouldn't put timelines out there to be critiqued when you miss them and don't really give any substantive reason.  on a macro level, yes the changes in company policy are good imo.  But there is no reason to tell us 90 days if you think there is a chance you will miss on delivering in that time frame. Is that skiddish or accurate sir?  I'm no longer an apologist for this company.  I have real money invested and I want the ceo to deliver what he says he will deliver is all. Does that seem like a radical thought to you?

Good luck longs

[CAC]

Not skiddish thy. I just think some micro execution would be welcome here. Mh should know life in the oil patch means you shouldn't put timelines out there to be critiqued when you miss them and don't really give any substantive reason.  on a macro level, yes the changes in company policy are good imo.  But there is no reason to tell us 90 days if you think there is a chance you will miss on delivering in that time frame. Is that skiddish or accurate sir?  I'm no longer an apologist for this company.  I have real money invested and I want the ceo to deliver what he says he will deliver is all. Does that seem like a radical thought to you? Good luck longs

***********

"Apologist".  Interesting choice of words, JDEO. 

I think there are some on this Board who, out of ideolgical priciple or in furtherance of a public perception battle they believe needs to be fought with the shorts, will never allow themselves to say (or acknowledge) anything negative.  Those who raise what I sometimes see as reasonable questions, get attacked...or at least quickly "countered" with posts from a few defenders setting forth the much more positive way to view the same issue.  That rings hollow after a while. 

I can't reasonably say that IOC should have reported well results if they don't have any yet...and maybe I can't even point to a specific deision or policy that defintiielyfail" analysis.  If management gets the pps higher then they "pass".  If they don't then they "fail"...because ultimately pps is the only thing that matters.  All of the specific tasks that get executed (and lauded by some), to me, are just the means to an end.  They, in and of themselves, have no intrinsic value...except to the extent that they increase pps.  I think an apologist can always focus on fundamentals or other things" that "should have worked" when complimenting/defending management.  I say enough with the excuses, explanantions, or as JDEO says, "apologies".  Either what they do increased the pps...or it does not.  All of the other stuff is window dressing.  Let's get it done!  

*******************

p.s. My apolgies (pun intended) for the poor proof reading.  That post was a mess...but you get my drift...

Not skiddish thy. I just think some micro execution would be welcome here. Mh should know life in the oil patch means you shouldn't put timelines out there to be critiqued when you miss them and don't really give any substantive reason.  on a macro level, yes the changes in company policy are good imo.  But there is no reason to tell us 90 days if you think there is a chance you will miss on delivering in that time frame. Is that skiddish or accurate sir?  I'm no longer an apologist for this company.  I have real money invested and I want the ceo to deliver what he says he will deliver is all. Does that seem like a radical thought to you?

Good luck longs