Drilling Update out !!!

[ArtM72]

Hession may be a great project manager but he is not the right guy to be CEO. No clue how to handle a US public company. The stock will never reach its potential until they get someone that embraces the US market.

I will agree with you here at least in part.  My take is Hession and crew have put themselves and the company at serious risk of violating US security laws.  Hession and team are probably not trading IOC on personal accounts because undisclosed actions being taken at their direction are having material impact on the stock price.  However, I read Hession's actions and policies are at the point where, without prompt corrective measures, the fiduciary duty to shareholders of the Board of Directors is in or approaching breach.

[Getitrt2]

This is not "good news" it's just not the worst news.  Pathetic report.  Running 7" casing through zones that have been a bear to drill has a high probability of getting stuck way off bottom.  My guess is earliest next update is November unless they decide to P&A.  I guess Wahoo has become wa who?  As in who is that?   All but forgotten.  It's BS that they didn't provide some words on Wahoo.  We may be seeing Mulacek billboards soon with his pic and the words "Miss me?"

What are you talking about?  Quote:  "The casing point is slightly above the Kapau Limestone target zone."  That is for drilling through the limestone reservoir, not the Orubadi seal.

No one should have expected anything new on Wahoo.  There was no reason to think drilling had been resumed, and they are obviously still working to resolve the problems as needed to allow resumption.

[trans]

This is not "good news" it's just not the worst news.  Pathetic report.  Running 7" casing through zones that have been a bear to drill has a high probability of getting stuck way off bottom.  My guess is earliest next update is November unless they decide to P&A.  I guess Wahoo has become wa who?  As in who is that?   All but forgotten.  It's BS that they didn't provide some words on Wahoo.  We may be seeing Mulacek billboards soon with his pic and the words "Miss me?"

People can bitch and moan, but there is a  formidable double bottom developing in IOC this week.  I would also suggest all go back and track the last A/3 reports when formation was hit.   thru to first DST ten days later 300 ft. into formation.  imo, the formation drilling is not  the Orubadi difficulty in our wells drilled previously,  imo.....Any, bears better watch that double bottom forming......fwiw trans....completing this week

[ArtM72]

August 13th in the CC Hession said: "With that in mind, let's turn to Bobcat and Raptor. Bobcat is a test of a
seismic and gravity-defined structure on the proven trend between Triceratops and Elk. We're currently drilling in the Orubadi, our seal, which we have proven is present. High pressures are being encountered, which is
common in heavily structured areas like ours. We're nearing but have not yet
reached prognosed target depth. Patience is required."

So in the six weeks since August 13th at Bobcat we've gone from "We're nearing but have not yet reached prognosed target depth" to "The Bobcat-1 well in PPL 476 in Papua New Guinea continues to drill in the Orubadi shale, towards the Kapau Limestone target zone." How can anyone conclude anything other than Hession has his crews drilling with the bit upside down?

This is unmitigated crap. There's an awfully big story here somewhere. I'm immediately reminded of the newly released tapes by the (former) Fed specialist Carmen Segarra where a senior Goldman compliance officer stated "Once clients were wealthy enough certain consumer laws didn’t apply to them.” (http://www.thisamericanlife.org/radio-ar...arra?act=0 (09:30) )

[my2cows]

August 13th in the CC Hession said: "With that in mind, let's turn to Bobcat and Raptor. Bobcat is a test of a seismic and gravity-defined structure on the proven trend between Triceratops and Elk. We're currently drilling in the Orubadi, our seal, which we have proven is present. High pressures are being encountered, which is common in heavily structured areas like ours. We're nearing but have not yet reached prognosed target depth. Patience is required." So in the six weeks since August 13th at Bobcat we've gone from "We're nearing but have not yet reached prognosed target depth" to "The Bobcat-1 well in PPL 476 in Papua New Guinea continues to drill in the Orubadi shale, towards the Kapau Limestone target zone." How can anyone conclude anything other than Hession has his crews drilling with the bit upside down? This is unmitigated crap. There's an awfully big story here somewhere. I'm immediately reminded of the newly released tapes by the (former) Fed specialist Carmen Segarra where a senior Goldman compliance officer stated "Once clients were wealthy enough certain consumer laws didn’t apply to them.” (http://www.thisamericanlife.org/radio-ar...arra?act=0 (09:30) )

Exactly! Aparantly we're at less depth now than we were 6 weeks ago. The "new Interoil" is looking more and more like the "old interoil"... except they cannot drill, or release information;

[admin]

I understand all the frustration, but none of the two pay zone's have been hit yet, when that happens and one of these turns out to be prolific I think most of the waiting will be forgotten, perhaps not entirely, but in the greater scheme of things it won't matter all that much.

Apparently drilling conditions are very tough, but it's still all to play for here. To me it's a buy at these levels.

[Paciottiman]

I understand all the frustration, but none of the two pay zone's have been hit yet, when that happens and one of these turns out to be prolific I think most of the waiting will be forgotten, perhaps not entirely, but in the greater scheme of things it won't matter all that much. Apparently drilling conditions are very tough, but it's still all to play for here. To me it's a buy at these levels.

The reference in the pr release to Raptor and Bobcat being a certain distance from a multi trillion cubic ft discovery is provocative. It is not relevant except to evoke some response from the reader.

[wapitidropiti]

I understand all the frustration, but none of the two pay zone's have been hit yet, when that happens and one of these turns out to be prolific I think most of the waiting will be forgotten, perhaps not entirely, but in the greater scheme of things it won't matter all that much. Apparently drilling conditions are very tough, but it's still all to play for here. To me it's a buy at these levels.

Again we wait. The drilling problems allow us to delay results until after arbitration. only IMHO

Go ahead and buy more STP but the time value of money keeps me from pulling the trigger. I admire your courage. After five years of delays I have learned my lesson.

[admin]

Well, I simply think that the shares are attractively priced here. Risk/reward, there is much upside from here while there has to be some catastrophe for it to go much lower from here. I wouldn't go all in in this market environment, but simply adding a few seems in order.

[jft310]

Since they are casing above the formation with a 7 inch liner and they when in formation average 300 feet a day drilling results in the formation based on history which has bearing because of the Antelope comment today. Hardly irresponsible based on the history of this type formation and Interoil, not sure see the Antelope comment. At 300 foot Interoil did its first DST on A-3. The question is will Hession do a DST at 300 feet and report it?? Historically that's exactly what they have done. Finding 300 feet of reservoir rock would be a material event. Heck in the US finding 30 feet of reservoir rock is material.Antelope had 2000 and 2700 feet of pay respectively