'Getitrt2' pid='48206' datel Wrote:I don't know that IOC said they are "mothballing" anything, probably just speculation here. Given the challenges that have arisen with the current level of drilling, maybe the workload is proving too great for the current staff. Maybe they want to move faster, with less time needed for "learning", or need a teacher. Is there anything you guys won't second guess? Unbelievable.
From the Home Page of InterOil's Website:
"Over the past few weeks, village leaders have been briefed about the Wahoo well suspension and will be kept advised as plans for next steps become clear. We continue to employ up to 30 villagers to care for and maintain the camp and will continue our medical support."
Sounds like "mothballing" to me.
What's your issue Getitrt2? Must you argue about EVERYTHING with EVERYBODY?
Jeeeesh. Unbelievable as you said!!!
What's YOUR ISSUE with needing to EXAGGERATE so much?
If I have an issue, it might be with people with such a need or inclination to quickly with little factual information jump on and criticize with no basis EVERYTHING management says or does, like just hiring a senior engineer. Jeeeesh!
Do I not have the right in your mind to point out the FACT that management to my memory did not state anything about the status of the rig, and to my opinion that suspending a well probably should not be interpreted as "mothballing" the rig (i.e. putting it in indefinite storage)? Note that on the camp care and maintenance you point out, the word was "continue", not indicating some change.
Don't you have anything better to do than come after me and waste our time? "Unbelievable", again!!!
Suspension of well drilling dependent on re-engineering is precisely 'mothballing'. The Wahoo rig will remain in place until said further re-engineer as it isn't heli-portable and roads are non-existent to other prospects. The good news is Wahoo is believed to be a 'big' discovery. The best move could well be suspend further Wahoo action until AFTER appraisal of PRL15. We don't need more stranded gas quite yet. Unless, a new Farm-In partner decides we do.
moth·ball
ˈmôTHˌbôl/
verb
gerund or present participle: mothballing
store (clothes) among or in mothballs.
stop using (a piece of equipment or a building) but keep it in good condition so that it can readily be used again.
cancel or postpone work on (a plan or project).
"plans to invest in four superstores have been mothballed"
Suspension of well drilling dependent on re-engineering is precisely 'mothballing'. The Wahoo rig will remain in place until said further re-engineer as it isn't heli-portable and roads are non-existent to other prospects. The good news is Wahoo is believed to be a 'big' discovery. The best move could well be suspend further Wahoo action until AFTER appraisal of PRL15. We don't need more stranded gas quite yet. Unless, a new Farm-In partner decides we do.
moth·ball
ˈmôTHˌbôl/
verb
gerund or present participle: mothballing
store (clothes) among or in mothballs.
stop using (a piece of equipment or a building) but keep it in good condition so that it can readily be used again.
cancel or postpone work on (a plan or project).
"plans to invest in four superstores have been mothballed"
Good point, Tree, and the kind of factual response I like. Of course, that term was not what I was primarily responding to.
I also agree Wahoo apparently is believed to be a "big" discovery, but have to disagree on the best direction from here, assuming Rig 3 is not needed elsewhere, which apparently it is not. The Company stated, "InterOil intends to resume operations as soon as practicable following a detailed review of well engineering, equipment and options, when the company is satisfied it is safe to proceed, and after the regulator has approved the company’s plans.", and that is exactly what I think they should do. Given the investment already made, the continuing costs of suspension, having the rig tied down there, apparent lack of negative effects at PRL 15 or elsewhere from continuing, and the very positive outlook for the prospect, I see no reason not to do that. I see essentially all positives in booking another "big" discovery at Wahoo asap, confirming a significant discovery in that PPL at the eastern extreme of IOC's acreage and the further productivity and value of the Eastern Papuan Basin, and qualifying for another PRL there, Even assuming no oil, I think Wahoo would be seen as "stranded" in only a technical sense. I think it would further validate the value and bright outlook for the Company and the stock and raise targets for the stock, and raise the specter of another monetization deal, whether with Total, Exxon, or other. I also suspect that shareholders, the DPE/PNG, minority interests, and the market would not be happy with putting it off unnecessarily, and would say the time for a "new Farm-In partner" would be after that, or even later, not before.
'Putncalls' pid='48259' dateline='<a href="tel:1407451 Wrote:The market says that Wahoo is a dud. I think that If anyone is keeping score the market has been right most of the time with IOC.
No one knows if a Wahoo is a dud or a discovery. Not the Market and not IOC. That's why IOC is working up plans to re-start the drilling in a safe manner to understand what's the reason for pressure above 5,000 psi while also having gas present at that pressure.
IOC's PPS is being held down at this level by people who want to keep buying ahead of the good news that'll ultimately come our way. It's a combination of Shorts covering, Macquarie buying shares on behalf of IOC and probably Longs who want to slowly add more.
Some folks speculate that we'll soon have a lowball takeover price and that company (whoever is preparing a bid) has been engineering the PPS hold-down in advance of their offer; ie, they can't make their lowball bid if the PPS has crept close to that level.
Let's see what happens at the earnings CC. Dr. Byker informed that he will step down as COB this year ... Will it be now?
'Putncalls' pid='48259' datel Wrote:The market says that Wahoo is a dud. I think that If anyone is keeping score the market has been right most of the time with IOC.
The stock has not gone down since the latest information on Wahoo. In fact, it has held up well in a market that is in correction mode and going down.
The market is fundamentally driven by people. 40% of Americans believe in evolution. 40% of Americans believe in intelligent design. 20% don't know the difference.
Just how wise is the market? Just how rational is its determination? When the market dropped precipitously in 2008 only to recover in the next several years was that a mark of intelligence in 2008 that we believe is somehow fundamentally admirable and worthy of leadership?
The market is fundamentally stupid. Woe be us to ignore the stupid or always follow its lead.
