Material Information

[petrengr1]

http://www.law.cornell.edu/wex/securities_act_of_1933

[ArtM72]

"The Securities Act serves the dual purpose of ensuring that issuers selling securities to the public disclose material information to investors, and that any securities transactions are not based on fraudulent information or practices. In this context, "material" means information that would affect a reasonable investor's evaluation of the company's stock. The goal is to provide investors with accurate information so that they can make informed investment decisions."

Let's hear it for those guys high above Cayuga's waters! Go Big Red!

Thx once again, Pet.

[jft310]

And Interoil securities lawyers define for the execs what can be defined as material and what is not

material . What can be disclosed and what can't be disclosed and when and if it can be disclosed .

Who is to say what the discussions are behind the curtain are about ???

To judge without a full deck of information has risk .

These are some of the material events that could get the lawyers to have put a lid on. Certainly

we have litigation the arbitration and we don't know all the details there to . There are discussions

about the non E/A leases . We also know there are on going negotiations about what type

integration with Exxon if any .

This is my opinion .

[petrengr1]

“In this context, "material" means information that would affect a reasonable investor's evaluation of the company's stock. The goal is to provide investors with accurate information so that they can make informed investment decisions.”

I am sure the Company could have “reasons” why they would rather not disclose material information to shareholders. The question is is it right for them to do so?

I believe the analysts on the conference call were trying to get what they consider to be material information. Here are some examples:

Evan Calio - Morgan Stanley

My first question relates to what information you can share with us to help investors ascertain your reservoir quality, whether its log results, flow rates, area under closure potentially from seismic and/or potential resource or even composition of that resource, all be it in earlier stage?

I mean, how should we expect to get disclosure? For
instance, as it relates to the Total payment and the Antelope appraisal wells, what are we going to get when you get results for each well?

And I mean, raising the context that many -- most similar large cap peers would give pre-drill P50. You have a lot of that information to help us assess -- help investors assess the potential of at least on the exploration side. I mean, what should we expect going forward? Or how are we taking information that helped dimension this discovery and/or assess appraisal wells as they come in?

And do you think that would at least to Raptor, is that then subject to the
completion of the appraisal process before you anticipate having an ability to dimension that to the market? Is that what we should expect?

Neil Beveridge - Bernstein

Gentlemen, for the presentation, just two quick questions. First of all, you mention the Puri-1 well, which is close to the Raptor discovery which flowed for a relatively short duration. Is there any read across from the performance of that well to what we could expect to see from Raptor? The second question is around Bobcat. Obviously, you are logging at the movement. Just curious if you’ve seen any gas returns with drilling today that would suggest, we will likely see hydrocarbons in that well also?

Ed Westlake - Credit Suisse

Yeah. I have a whole host of questions. But firstly just on -- congratulation on Raptor discovery. Just on Antelope, what do you think is it four or five which is going to be the main determinants of the resources uncertainty? I believe in the past, you’ve said that it was the western test that might be the step out, just want some color there to confirm if that’s the case?

And then on the comment about Kapuri and and oil flows and then I take
completely different reservoir of confessing. It raises some concerns about things like retrograde condensates in the sense of -- yes, you’ve got some liquids but they actually drop out perhaps over time. If there were any concerns about perhaps in the Raptor discovery or again too early to say?

And just one quick follow-on, if I may. Just on Wahoo,
you mention that you plan to re-drill this prospect in 2015? And at this stage, would you be able to use the existing well bore or will this well have to be drilled from the surface again?

Ed Westlake - Credit Suisse

Yeah. I have a whole host of questions. But firstly just on -- congratulation on Raptor discovery. Just on Antelope, what do you think is it four or five which is going to be the main determinants of the resource’s uncertainty? I believe in the past, you’ve said that it was the western test that might be the step out, just want some color there to confirm if that’s the case?

Right. And then on the comment about Puri and oil flows and then I take
completely different reservoir setting. It raises some concerns about things like retrograde condensates in the sense of -- yes, you’ve got some liquids but they actually drop out perhaps over time. If there were any concerns about perhaps in the Raptor discovery or again too early to say?

===========

These guys should know what to ask to get "material" information.



My comment:
We have been told for some time we would get information when the wells were completed. I think on these two exploratory wells we should have been given at least this much information since this was supposed to be an update?

Raptor-1
1. Flow rate
2. Well head flowing pressure
3. Choke size
4. Bbl of condensate/MMCF
5. Absolute open flow potential based on the 4 point test.
6. Shut-in well head pressure and/or reservoir pressure.

7. Log data

If this information is truly not available because the flow rate has not yet stabilized then the information should be provided as soon as the well is stabilized and before the test is terminated and the rig moved out.

Bobcat-1
This well was said to be logging several days ago. The logging should have been completed long ago. The log data is available immediately at the well site when the logging is completed.
I consider the following information material in this case.
1. Does the log indicated hydrocarbons in the limestone formation?
2. Does the log indicated this well is a dry hole?
3. Did we see hydrocarbons on the mud log as the pay zone was being drilled?
4. Does the log indicate the porosity is good enough to justify testing to determine commerciality or not?

[jft310]

Even the analyst don't know what they don't know. Or the analyst don't know what's behind the

curtain. Interoil has some bright legal talent which is paid bundles to protect them.

We can debate forever what those items might be but reality is the lawyers control what's said

when and where and how .

We don't have full view into what's on the table therefore judging management has huge risk for

those judging.

Certainly fair to want ,even ask for more information but what we receive information wise is

filtered through the lawyers.

Beating on management and throwing stones will not get more information revealed .

One of the obstacles to full disclosure has to be the legal event the arbitration which several of the

analyst believe we will get a better view into the arguments by year end 2014 . That might help

with disclosure maybe .

[ebster123]

I am with Pet. JFT, sometimes is appears you speak out of both sides of your mouth depending on which suits your position. Material is, OR SHOULD BE, material....I feel games and stretching of the truth are being played.

[Relker]

The SEC regulations are made to force companies to give proper asset value information. You see that even the present E/A field does not constitute asset value. This will happen after FID. For this reason I do not think that the present Raptor technical drilling data represent asset value according to SEC.

In the past IOC gave abundant drilling information to attract venture capitalists. This led to strong fluctuations in the share price and a high short count. MH clearly broke with this tradition. Furthermore, on the long run he might want to acquire neighboring leases. So, it might be wise to keep the present owners in the dark.

What I did miss in the last CC and what clearly is SEC sensible information is an update on the IPI option rights situation. We know that 3 exploration drills took place. Did the IPI stakeholders opt in? What is the situation at Wahoo? If they do a restart does this count as exploration drill 9 which would be beneficial for IOC.

[jft310]

Relker -Interoil did state the ownership percentages of their wells and in order for an IPI partner to still be an owner of an interest they had to opt in. At Wahoo they stated all options are being discussed.
Ebster- who the heck on this Board has the information to tell the Interoil lawyers what is material information and what is or not?????That argument has no merit.
To be disappointed with the lack of information is one thing but to judge management on their information disclosure requires full access to all the information which we will never get and a law degree specializing in SEC regulations which lets us all out.
Soon enough we will know more.

[Relker]

JFT- As far as I can see they did not touch the subject during 2014. The last information was in the annual report 2013.

[Petrovale]

The pink one has succeeded in putting everyone to sleep,

after PM's overdose of matanuska thunderfuck...