IOC Finance Function moving to XOM???

[oliver.gump]

So, word leaks from the IOC finance department in Singapore that they have started moving the finance function of IOC to XOM, and this process is continuing in defiance of the court decision in the appeal.

Was this why the CFO, (Mr. LIBOR + 6) Don Spector is gone? Down the gangplank like a mariners rat before the ship goes down (before the problem can be attributed to him)

[Putncalls]

Ship going down? It's not like the crew can carry the gas off and hide it.

[AU74]

So, word leaks from the IOC finance department in Singapore that they have started moving the finance function of IOC to XOM, and this process is continuing in defiance of the court decision in the appeal.

Was this why the CFO, (Mr. LIBOR + 6) Don Spector is gone? Down the gangplank like a mariners rat before the ship goes down (before the problem can be attributed to him)

If true, the Yukon courts need to step in and appoint a custodian to run the company and sort out what the heck is going on.

[oliver.gump]

Ship going down? It's not like the crew can carry the gas off and hide it.

Agreed, the asset will remain, but if XOM now have access to the IOC financial data, then how does that work for a level bidding field? What were Hession and his band of robbers thinking?

It seems also that the mood inside IOC amongst the staff is "Like a morgue" based on reports from several people in the Singapore office. 

The gas can still be developed, but the incumbent management, cannot be the ones to do it.

[Putncalls]

Ship going down? It's not like the crew can carry the gas off and hide it.

Agreed, the asset will remain, but if XOM now have access to the IOC financial data, then how does that work for a level bidding field? What were Hession and his band of robbers thinking?

It seems also that the mood inside IOC amongst the staff is "Like a morgue" based on reports from several people in the Singapore office. 

The gas can still be developed, but the incumbent management, cannot be the ones to do it.

It's difficult to understand why the excutives are stilll there. It makes me wonder if they are protected aristrocy

[oliver.gump]

Ship going down? It's not like the crew can carry the gas off and hide it.

Agreed, the asset will remain, but if XOM now have access to the IOC financial data, then how does that work for a level bidding field? What were Hession and his band of robbers thinking?

It seems also that the mood inside IOC amongst the staff is "Like a morgue" based on reports from several people in the Singapore office. 

The gas can still be developed, but the incumbent management, cannot be the ones to do it.

It's difficult to understand why the excutives are stilll there. It makes me wonder if they are protected aristrocy

We have the BOD protecting the management, and the management protecting the BOD. This is cronyism at its worst.

I wonder what the two board members that are PNG citizens are thinking about how they appear to their fellow citizens, when they have been instrumental in killing over 1000 jobs, and reducing PNG's premier upstream exploration company to nothing more than pocket change.?

If they resigned now they might retain some dignity.

[jft310]

I would seriously doubt Exxon is taking over the IOC finance function . Reality is IOC has nothing to do except wait on the well completion and later the Total payment . Book keeper could do the financial math .

[Kaliboo]

I would seriously doubt Exxon is taking over the IOC finance function . Reality is IOC has nothing to do except wait on the well completion and later the Total payment . Book keeper could do the financial math .

. Slow times like these are great team building opportunities, like tic-tac-toe and hangman.  Nothing is better at sharpening creative talents.

[jft310]

If the current deal goes forward the dissenters can pursue their NAV dollars .

[Relker]

If the current deal goes forward the dissenters can pursue their NAV dollars .

This explanation is not in agreement with the Court. The deal procedure was not approved for all shareholders. In other word IOC must redo the procedure because of bad governance. It looks like IOC is still in shock and did not make a decision how to proceed yet.