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InterOil’s renaissance
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 http://www.interoil.com/iocfiles/documents/media/pressarticles/12-14%20PNG%20USE.pdf InterOil’s renaissance Having beefed up its balance sheet, InterOil is moving ahead with Papua New Guinea’s biggest drilling campaign. Damon Evans reports
PDF attached
09-30-2014, 04:39 AM
'Gator' pid='50143' datel Wrote: From the article: "Based on the combined risksof all four prospects being drilled,which include Wahoo, Raptor and Bobcat, there is a one-in-two chance that InterOil will make at least onediscovery in the four-well campaign,says Neil Beveridge, an Asian-focused oil and gas specialist at Bernstein. Although InterOil is more cautious,citing a one-in-10 chance of a discovery in its frontier acreage." The statement attributed to Ineroil is not correct. interoil has never released a number for their estimated probability of success. Hession, saying something to the effect that the wells being drilled weren't a sure thing, commented that only one in ten exploration wells worldwide were successful. That unfortunate comment has been distorted and/or misunderstood.
09-30-2014, 05:22 AM
Where are the subsequent pages?
Anyone know when this first came out? 
09-30-2014, 05:24 AM
'Getitrt2' pid='50151' datel Wrote:Anyone know when this first came out? In the Renaissance, 14th-17th century. 
09-30-2014, 05:25 AM
Sometimes all that an old song needs to become a blockbuster hit is to be rerecorded by a popular entertainer having a slight new interpretation. Maybe this article is that new recording for IOC.
As far as the metaphor goes I can't understand Hession's interpretation of the old IOC tune as stated in the article: "The company never knew what it had. It didn't know the potential or the value of its asset base." Mulacek has been accused of a lot of things, but underestimating the value of what he had found was certainly not one of them. In the meantime...Hey Mike! How bout sharing with us something about what's been going on during the last 6 months of drilling? Let's see. $5/mcf production cost. $15/mcf sale price. 15 TCF gas in the ground (at least!) That's a cool $150 billion in future cash flow for somebody. Anybody wonder if there's a hidden reason for such secrecy? Maybe Mike is right afterall.
09-30-2014, 05:41 AM
Good points, Art. Hope you're right about this article.
Also, I was struck and surprised by the comment about potential and value, as well. The previous problem was execution, it seems.
09-30-2014, 06:07 AM
Phil's Achilles' Heel ( I'd rather that term than "problem") was that he knew exactly how much potential "value" there was in what he built. I think that realization led to a strategy that eventually cornered him (Floating LNG, go it alone etc) from which there was no retreat with the clock running out. I don't think it was greed, but that he simply wanted to retain as much as possible for the company and shareholders. But as we all know, owning a smaller percentage of something that is multiples in size, is better than owning 100% of something much smaller. MH took over with the ball on the opponent's 15 yd line and kicked the easy FG to get on the board. Now he needs to show he can run the offense from his own 20 and stop bashing the old team. Perhaps he appreciates a bit more what the old team was up against. One more day left to hit his deadline.
09-30-2014, 06:38 AM
'Gator' pid='50161' datel Wrote:It is from the October issue of Petroleum Economist. I know that; the question was when the issue first became public.
09-30-2014, 06:46 AM
'Thylacine-2' pid='50145' datel Wrote: So, of all the well site pictures IOC could of provided for the article, Raptor was chosen. Perhaps that clever creature with the large luminous green eyes wondered also, as it disappeared again into the black darkness behind the foot wall.
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