April 2016 Drilling Report - Courtesy of OSH

[Stavros]

As expected by our resident drilling guru's:

Rig HA 115 

• During the month, Antelope 6 was plugged and abandoned (P&A’d) and the HA115 rig was demobilised to Herd Base.
• This concludes operations on the well.
• P&A activities were completed on 4/4/16 and rig demobilisation was completed on 20/4/16.
• Evaluation of the data acquired from the well, including drill stem and injectivity testing, remains ongoing.

SO >>>> The questions still remain unanswered:

1. Why does IOC claim to be an E&P Company? There is no E and there is no P
2. Why does IOC have so many employees and 10 BOD Members when the Company is doing and seeing NOTHING?
3. Why are the salaries and bonuses at levels that cannot be sustained with ZERO REVENUE?

[jft310]

Appears this BOD is negotiating a sale of different portions of our company . Future exploration might come through farm deals where others earn an interest in our properties by using their money to drill and test . Why not do multiple farm deals ???And post deals keep slimming down .

[ArtM72]

Appears this BOD is negotiating a sale of different portions of our company . Future exploration might come through farm deals where others earn an interest in our properties by using their money to drill and test . Why not do multiple farm deals ???And post deals keep slimming down .

id say the reason you don't do multiple deals is good businessmen don't sell off their best assets at the bottom of the market. All the properties out there on the brink of bankruptcy and you think it's great our BOD is smart to have IOC assets sold off the same shelf?  C'mon.  Make some sense.

[will2bgreat]

For our drilling/analysis experts:  What is the normal length of time for drilling data to be analyzed?  It seems that we (TOT, IOC, and OSH) have all been analyzing A6 data for a long time.

As a side note, it makes no sense to sell down any other parts of IOC if we do not keep our interest in the Papau LNG facility.  What are we going to discover, more stranded gas?

[Palm]

Selling the whole 36.5% makes no sense, I agree. However, selling 5% could make a lot of sense. They must keep this interest in PRL 15 and see things through to production. Cash flow is crucial and they appear to be well on the way. Selling all of the interest in PRL 15 to chase what might be would be foolish IMO.

[Getitrt2]

I totally agree, Palm. They need to stay on course with the previous strategy as laid out.

[johnwgrant]

Does anyone understand/know the process that OSH will use to pay their balance due after certification (their certification, not ours)?

In other words, will OSH get the results and then "sit" on them for a month, or, will the results be announced in some kind of a joint press release, or, will OSH cut the checks and send them out without so much as a press release ?!?!

[wapitidropiti]

For our drilling/analysis experts:  What is the normal length of time for drilling data to be analyzed?  It seems that we (TOT, IOC, and OSH) have all been analyzing A6 data for a long time.

As a side note, it makes no sense to sell down any other parts of IOC if we do not keep our interest in the Papau LNG facility.  What are we going to discover, more stranded gas?

Hi Will, I agree . They have spent a ton of money for tech data and have never released it. Delays forever...   Now they are arranging asset sales? We have been hijacked.

Unless we build our own LNG plant we will only have the option to sell our gas for cheap to XOM

[admin]

Selling the whole 36.5% makes no sense, I agree. However, selling 5% could make a lot of sense. They must keep this interest in PRL 15 and see things through to production. Cash flow is crucial and they appear to be well on the way. Selling all of the interest in PRL 15 to chase what might be would be foolish IMO.

Agree, they would become a pure exploration company dependent on either selling gas in the ground at pennies to the dollar, or be at the mercy of LNG plants controlled by others.

[jft310]

Lots of items on the table it appears
Sell the entire co
Sell a portion
Do a farm deal for TBR
Do a farm deal for prospects
Merge with someone like Oil Search .
All of the above get the stock price out of a funk !
Which of the above happens ???