Open Letter from Cap Re Global, Cap Re World , FMR,LLC and JP Morgan to SM's

[Tree]

Ladies and Gentlemen of your BOD's,

We are in the top 10 holders of IOC and most of your companies too.  In fact, 3 of us are the top 3 holders in RDS.

As large stakeholders you are accountable to us.  Do not blow this opportunity.  It is not in your stockholder's best interest to lose out on tremendous reserves in PNG.

As large stakeholders in IOC, do not blow this opportunity.  It is not in your best interest to bid cheap or cut underhand deals.  Neither will work.  As IOC Shareholders we will be fine with any of your Co's as winner.  We will be more than fine regardless of the transaction.

If you have any questions re IOC, please call our research departments.

Cap Re World, Cap Re Global, FMR,LLC, JP Morgan

[Petrovale]

Treesome, how - at this point - can you tell Cap Re Global, Cap Re World , FMR,LLC and JP Morgan are still among IOC's top-10 holders?? And do you honestly think they are in the open letter writing biz???

[Tree]

Petronian,
Last reporting has these guys in top 10. Intel supports they still are. Fundamentals have not crumbled, expect them in top 10 net reporting. We soon see. They did trim RDS an average of 35%ish though last Qtr.
No I don't think they are in the open letter biz. Perhaps the private letter biz though.
Regardless these guys have far more ST upside with IOC from any transaction than their SM holdings.

[bertl05]

Cute idea Tree. But rather unlikely. First I'm sure IOC has heard fromthe big holders directly, in fact the 9/30 numbers showed trimmimg by the big holders. That is how they talk. Secondly the Shell's of the world would laugh at a cap re telling them anything. I was in the business many years and know cap re firsthand, i assure you they dont approach a Shell with anything like that. But they can and do bully smaller companies...thats for certain. Im sure all the bigs are currently communicating with IOC. But generally they stick to their knitting....they arent in the NG exploration business, and they know it.