Two year anniversary

[admin]

Beating on management about things they have no control over means that person has an agenda . 
Beating on the company every Friday has an agenda .

1) Comments like this aren't helpful

2) It isn't clear to everybody that no progress could be made during the arbitration period (myself included)

3) I'm pretty sure the guy is just a frustrated long, which is understandable even if he makes his point a little too frequently for some, which is also understandable, as it happens.

[Stavros]

There he goes again ... TREE disputing FACTS that GATOR laid out:

1. FACT - The SPA dated 6 December 2013 (another date that will "Live in Infamy") between IOC and Total WAS INTENDED TO SELL 60.1% of PRL 15 all of which was to be EVENTUALLY owned by IOC. Obviously this is what GATOR means when he says "IOC sold their (and the IPI) stake to Total"

As stated in the SPA: "Immediately prior to Completion, the Seller will be the legal and beneficial owner of the Assigned Interest, free and clear of all Encumbrances other than the Permitted Encumbrances. Subject to the Conditions, the Seller has the right to assign the legal and beneficial interest in the Assigned Interest on the terms set out in this Agreement."

In fact, GETIT is "technically correct" ... IOC did own more than 60.1% of PRL 15 when the SPA was written and signed.

HOWEVER, the SPA had the major Conditions Precedent Clause that GATOR is referring to (see below) which made it clear that in reality their intention was to sell a portion of their share plus all of IPI's share after its acquisition

===> WHICH NEVER HAPPENED DUE TO HESSION's ARROGANCE AND STUPIDITY

2.1 Conditions Precedent

Clauses 3, 4, 7, 8 and 15.15 do not become binding on the parties and are of no force or effect unless and until the following Conditions have been satisfied or waived in accordance with clause 2.4:

(a) Approval and Registration of Approval Documents: the Approval Documents have been approved by the relevant Minister in accordance with the Act and registered on the Register (as defined in the Act).

(b) PacLNG Arrangements: InterOil or one of its Related Bodies Corporate has acquired the PacLNG Interests, directly or indirectly, and provided evidence thereof to the Buyer’s reasonable satisfaction.

ERGO ... NOTHING WAS SOLD BY IOC BECAUSE THEY DID NOT MEET THE ABOVE.

2. FACT: GATOR's statement "The IPI investors said not so fast. We want to sell to OSH" is 100% TRUE. Hession tried to low-ball the IPI Investors and refused to match the OSH offer. WHAT GOES AROUND COMES AROUND. If you are unscrupulous as a businessman you will always lose at the end of the day.

3. FACT: GATOR's statement "OSH said, we want our 22% of the gas to go to Train 3 of PNG LNG" is 100% TRUE. It is painfully obvious that OSH did the deal as XOM's proxy to get the gas they originally wanted to acquire from IOC when Phil Mulacek was CEO.

4. FACT: GATOR's statement "InterOil then transferred ownership of E/A into a separate whole owned subsidiary and sold it to Total" is 100% TRUE.

5. FACT: GATOR's statement "OSH filed suit because (of) the dispute in the JVOA" is 100% TRUE. OSH felt that this was a 'No-No" and filed for Arbitration via a 3-person Panel. The fact that one of the three Arbitrators voted in favor of OSH means they had a legitimate case that could have gone either way.

6. FACT: GATOR's analysis "To continue to blame the delay of certification solely on arbitration and OSH (Botten and Civelli) is wrong. Hession did not lock down the IPI stake before he sold. Furthermore, after arbitration was settled, InterOil still claimed certification payment by YE 2015. The very first time a delay was mentioned was June 2015 at the ASM because the test results were so good they estimated the field was much bigger and they wanted to be paid for every molecule of gas. Since then we have had two additional delays and neither have to do with arbitration." is entirely 100% TRUE:

a) IOC DID NOT LOCK DOWN THE "CONDITIONS PRECEDENT"
b) IOC DID CONTINUE TO CLAIM CERTIFICATION PAYMENT BY YE 2015
c) CONTINUED DELAYS HAVE NOTHING TO DO WITH ARBITRATION

Please look into a mirror Mr. Tree. Your constant whining on SHU about the low current LNG price is comical. You're like a Kindergartener complaining that he won't get good sex in high school because he's not getting any now. A lack of future good sex may in fact be the outcome for the poor lad, but not because he failed as a 6-year-old! Similarly, current LNG Spot Price at $7-8 per MMBtu will not be the case 6 years from now when Papua LNG is one of the lowest cost LNG providers to Asian customers.

You should read JFT's posts on future energy demand and expected LNG prices ... when he copy/pastes something he also gives his views/opinions.

Have a good evening everyone and "God Bless"

http://www.bing.com/videos/search?q=red+skelton+hour&view=detail&&qpvt=red+skelton+hour&mid=CA0CAC89EE26E091A5EDCA0CAC89EE26E091A5ED&rvsmid=CA0CAC89EE26E091A5EDCA0CAC89EE26E091A5ED#view=detail&mid=CA0CAC89EE26E091A5EDCA0CAC89EE26E091A5ED

[jft310]

Admin
No one would spend a dime on a deal where ownership is disputed .Fact is nothing happened during the arbitration time period . Nothing .
Everyone including I bet Interoil execs are frustrated . It's about style whine whine advances the price per share how ??Pointing out the 2 years wait is a fact . Adding the whine grinds the wrong way .
Fact the institutional ownership base is growing vs the retail percentage ownership. Including the selling of Chandler etc . Which means retail investors are selling . Many retail investors read SHU constantly and are unsure about what to do about Interoil . Fact bombarding them with negativity which is misdirected should be addressed . No whiners .
Saying it's been 2 years and it stinks is a fact . That's ok. It does stink . Casting blame where it doesn't belong is misdirected . Blaming this management team whose leader is under discussion to lead a possible merged company shows what those on the ground think. They really like Hession or why is he considered for Botten's job ???????Proof of misdirection .

[Stavros]

You and others don't get GATOR's point ... perhaps because you don't read what he says?

HIS POINT: AFTER THE ARBITRATION, CERTIFICATION PAYMENT WAS CLAIMED TO BE COMING BY YEAR END 2015. THE FIRST MENTION OF A DELAY WAS IN JUNE 2015. ERGO, THE DELAY WAS NOT RELATED TO THE HIATUS DURING ARBITRATION!

WHY YOU NO CAPICHE???

1) To continue to blame the delay of certification solely on arbitration and OSH (Botten and Civelli) is wrong.
2) Hession did not lock down the IPI stake before he sold.
3) Furthermore, after arbitration was settled, InterOil still claimed certification payment by YE 2015.
4) The very first time a delay was mentioned was June 2015 at the ASM because the test results were so good they estimated the field 5) was much bigger and they wanted to be paid for every molecule of gas.
6) Since then we have had two additional delays and neither have to do with arbitration."

[MartiniStocks9756]

Stavros I get it many people here think Hession really messed up. Several think it is not all his fault markets and other extraneous issues. Here is the Fact the PPS stinks and it is likely the tough multiple choice answer to all of the issues is all the above. So the important question for most of us is where is it headed from here. Markets are anticipated to be down another six months at least of course there are a couple of articles that state otherwise. The transformational deal was done two years ago this week. Can't change that. There might be two more wells to go, can't stop that if it happens. The deal might get delayed into 2017, can't control that. Don't like the BOD just try and vote them out. Total is going to drag their feet, who is going to change that if allowed. OSH is going to select a merger with IOC, who does that help and hurt? A lot of directions and misdirections and scaring the little retail investors out has been proposed tonight. Bottom line this is a highly risky speculative stock of a small exploration company that rebuilt a refinery in the middle of PNG. We takes our chances. Those that were smart and left with $60 per share in their pocket should be smiling. Those of us like SAGEO and me might be left holding the bag but are still hoping that the gas underground holds quite a bit of value to Total, China, Japan, Korea, India and other parts of the world. It may take the merger with OSH, or a FID with Total and gas loaded on a ship to leave port to get our investment right side up. So erase the past up until A4 ST and A5 and look forward and take us where we are going without looking in the rear view mirror. The past has happened the future is all that matters now.

[admin]

Fact bombarding them with negativity which is misdirected should be addressed

I'm in awe of the kind of powers you seem to ascribe to me, but this seems to be something for a king philosopher who can distinguish fact from fiction in all situations. I'm a mere admin with no such omnivision..

[Stavros]

Martini, thanks for your post.

You, Sageo, Gator, me, and many others kept our ICO shares immediately after the debacle when Hession announced the Transformational Deal and then got onto an airplane for a First Class celebratory ride from Port Moresby to Singapore.

The share price plummeted to $60 during his trip.

Since then, it's been one step forward and two steps backward ... all the while we kept our shares because we thought Hession and his Team would "Under Promise But Over Deliver" .. .and do so in a timely manner.

Instead he under-promised, and delivered even less than he promised. Was that outcome all his doing? Or would Einstein have also failed because of the Saudi's decision and concerted efforts to destroy the oil industry?

Shame on me for keeping my IOC shares instead of selling at $60 when I had several chances, thinking that the good Doctor could deliver at least what he claimed he was under promising.

He and his Team continue to hide behind Safe Harbors and Confidentiality when they announce successive missed timelines and delays ... all the while claiming they're not allowed to buy shares of the company. Bollocks

I'll bet any takers that if Hession had his own skin in the game, IOC would already have the Certification Payment in the Bank.

Instead, top "Management" is very happy indeed to take barrels full of RSUs, and guaranteed CA$H salaries, while they make plans to gamble shareholder's money (and borrow more money on our behalf) to carry out additional drilling to possibly increase the resource estimate.

Will a delay in Certification Payment to drill A7 increase the amount received from TOTAL? IOC won't tell us what the potential outcomes might be, and the associated "odds." Is it akin to betting Black versus Red on one spin of the Wheel? Or are the odds more like being correct when you pick 00?

Will a delay in Certification Payment delay the FID date? IOC won't tell us. JFT Claims that the IR Dept informed someone that A7 would be drilled while the Certification process was underway. I doubt very strongly whether that is true. Show me the LINK!

I think it's appropriate that IOC reveal the calculations that back up their conclusion that a potential higher (later) payment has a positive NPV.

All I've seen are statements to the effect that:

1) the Fault "seems to be further to the West than we thought"
2) IF we're correct, then the Experts MAY certify a higher resource number than if we didn't drill A-7
2a) IF we're correct, then the Experts MAY certify 3 tcf more gas is in E/A (ie $1.2 Billion more CA$H to IOC)
2b) OR ... IF we're correct, then the Experts MAY certify 1 tcf more gas is in E/A (ie $0.4 Billion more CA$H to IOC)
3) OR ... IF we're wrong, then there is no additional gas in E/A and we wasted a lot of time and a Schist Load of Money

WHY CAN'T IOC SAY: "WE ARE IN FAVOR OF DRILLING A-7 TO THE WEST OF A-5 BECAUSE, RELATIVE TO NOT DRILLING, WE THINK THERE IS AN AB% CHANCE IT WILL PROVE THERE IS 1 tcf MORE GAS AND A YZ% CHANCE IT WILL PROVE THAT THERE IS 3 tcf MORE GAS"

Stating those numbers will then give me the information I need to decide whether to hold my shares and wait for the outcome, or sell my shares and buy back later if I'm so inclined. That's the reason why a Company must release all "Material Information" to the Markets.

As many posters have said: "I believe in the Resource but not the Management" ... but perhaps I'm making another big blunder?

If it turns out that more delays crop up, I believe that someone will eventually initiate a Class Action Suit to replace Management and claw back their RSU's and $alarie$. If that happens, we'll get to see whether IOC Management have publicized timelines that:

1. No one could have met
2. They didn't meet because of incompetence
3. They had no intention to meet

[MartiniStocks9756]

Stavros great post. Clear, concise and I agree that not releasing the pertinent material information to the shareholder is a management pattern that is very disturbing. What would be the reasons to hide any drilling or estimates on size of the giant at this point. To prevent takeover bids? If its a giant and they know it then the market needs to know it too.

The company never seems to protect its share value. And Class Action suits could be the method to shake the tree as I have been hinting about it for awhile. Let's get their attention. Anyone know a good lawyer (LOL) ???? Seems we only have engineers.

And finally shame on me for believing in the resource and believe despite misplays by management or not reading the market tea leaves that it all turns out alright. Gullible, bad investor for sure and whatever but time value of money has really killed any advantages here. Now it is a hope to escape semi-whole.

[ebster123]

Admin No one would spend a dime on a deal where ownership is disputed .Fact is nothing happened during the arbitration time period . Nothing . Everyone including I bet Interoil execs are frustrated . It's about style whine whine advances the price per share how ??Pointing out the 2 years wait is a fact . Adding the whine grinds the wrong way . Fact the institutional ownership base is growing vs the retail percentage ownership. Including the selling of Chandler etc . Which means retail investors are selling . Many retail investors read SHU constantly and are unsure about what to do about Interoil . Fact bombarding them with negativity which is misdirected should be addressed . No whiners . Saying it's been 2 years and it stinks is a fact . That's ok. It does stink . Casting blame where it doesn't belong is misdirected . Blaming this management team whose leader is under discussion to lead a possible merged company shows what those on the ground think. They really like Hession or why is he considered for Botten's job ???????Proof of misdirection .

If this is the case then continual pumping despite clear reasons to the other side should also be addressed.  You can not have it both ways JFT!

[sageo]

Stavros I get it many people here think Hession really messed up. Several think it is not all his fault markets and other extraneous issues. Here is the Fact the PPS stinks and it is likely the tough multiple choice answer to all of the issues is all the above. So the important question for most of us is where is it headed from here. Markets are anticipated to be down another six months at least of course there are a couple of articles that state otherwise. The transformational deal was done two years ago this week. Can't change that. There might be two more wells to go, can't stop that if it happens. The deal might get delayed into 2017, can't control that. Don't like the BOD just try and vote them out. Total is going to drag their feet, who is going to change that if allowed. OSH is going to select a merger with IOC, who does that help and hurt? A lot of directions and misdirections and scaring the little retail investors out has been proposed tonight. Bottom line this is a highly risky speculative stock of a small exploration company that rebuilt a refinery in the middle of PNG. We takes our chances. Those that were smart and left with $60 per share in their pocket should be smiling. Those of us like SAGEO and me might be left holding the bag but are still hoping that the gas underground holds quite a bit of value to Total, China, Japan, Korea, India and other parts of the world. It may take the merger with OSH, or a FID with Total and gas loaded on a ship to leave port to get our investment right side up. So erase the past up until A4 ST and A5 and look forward and take us where we are going without looking in the rear view mirror. The past has happened the future is all that matters now.

Martini - Thanks for your post. Btw,since you mentioned A4 ST, I guess I missed it,but did you ever see an explanation put out by IOC or OSH as to why we "plugged and abandoned" the well with all that porous dolomite that was found ? Yes,I realize the well had problems, but a complete explanation would been a more professional way to handle the outcome,jmo. As an addition,MH or someone could have stated what will be done in the future about all that gas to the south and southeast