PRE analyst today comments on IOC

[jft310]

pickboone•8 minutes agoFlag

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PRE analyst day comments: "We understand that there is some sort of a beauty contest now between the majors"

Westlake Securities notes from Pacific Rubiales analyst day published today:

Continue to see Pacific Rubiales (TSXRE) speak positively on IOC position. The latest opportunity was the PRE analyst day on Tuesday.

Key points from Presentation and Q&A Relevant to IOC
- The Senior VP of Exploration believes that the opportuines are large an attractive
- Quoting Jairo Lugo: "Also in Papua New Guinea, the opportunities that we have interpreted and mapped are very, very, very large. We are talking about in excess of 5 to 10 Tcf every
single opportunity there. So right now, the opportunities, the number that you see in the slides are for the 10% of our
working interest. But we have seen -- we have analyzed all the information and we are very sure that we can go to explore for a very large opportunities there in Papua New Guinea and Guatemala."

- The SVP of Exploration also believes that PRE might be able to monetize the position soon and that multiple majors are involved in the bidding.
Quoting Jairo Lugo: "Then in the case of Papua New Guinea, we have always said that it was opportunistic. We got really a very good discovery and I think that we'll be ready to monetize that. We understand that there is some sort of a beauty contest now between the majors to acquire those positions and we have a tagalong. So we will be able to make a new rapid cash on that property."

[Palm]

"- Quoting Jairo Lugo: "Also in Papua New Guinea, the opportunities that we have interpreted and mapped are very, very, very large. We are talking about in excess of 5 to 10 Tcf every single opportunity there. So right now, the opportunities, the number that you see in the slides are for the 10% of our working interest. But we have seen -- we have analyzed all the information and we are very sure that we can go to explore for a very large opportunities there in Papua New Guinea and Guatemala."

These guys are better liars than Phil!

[jft310]

And the auctioneer said "Do I see 20 T's now ok do I see 25 T's now" well just etc.

[Palm]

"How many Ts do you think there are in the Interoil license area where you have farmed in?

Jairo: "Well, I mean, uh that's tough to say. You know, how long is a piece of string?"

Noooooooooooooooooooooo. Wait a minute; is Jario Colombian for Harry?

[efi426hemi]

A few comments:

We are talking about in excess of 5 to 10 TcF every single opportunity there

Yeah but will doesn't Mr. Lugo know that the shorts are going to point out those 15 to 30 T's are resources not reserves? hohoho

We understand that there is some sort of a beauty contest now between the majors

Beauty contest can only happen when you have something amazing......oh........nevermind   Hmmph, perhaps it is time to start attending PRE AGM's.

Keep it on Ice!

Hemi

[Spartina]

Not very large, not very, very large, but VERY, VERY, VERY LARGE. This guy must know Tree.

[Tree]

A few comments:

We are talking about in excess of 5 to 10 TcF every single opportunity there

Yeah but will doesn't Mr. Lugo know that the shorts are going to point out those 15 to 30 T's are resources not reserves? hohoho

We understand that there is some sort of a beauty contest now between the majors

Beauty contest can only happen when you have something amazing......oh........nevermind   Hmmph, perhaps it is time to start attending PRE AGM's.

Keep it on Ice!

Hemi

Hemiscist,

I had an aha moment!

No wonder RDS offered $100 mill to boot IOC from their lawful leases.

That seemed like a lot for a paltry 58% of GLJ's 8.5 T's and no EWT, or GC's 6Ts with crap recovery rates no doubt or even a bogus propane tank based Ant-2 flare.

[Tree]

Not very large, not very, very large, but VERY, VERY, VERY LARGE. This guy must know Tree.

Spartina,

Even if PZ was bogus, I guess there is a .0005% chance of that.

Here's new conspiracy theory.   Duma and Co. changed the game on IOC  with 'world recognized operator' mandate and threatened to cancel 'fragmented' Gulf LNG plans because it became commonly known what Jario is saying now and Duma just wanted all those T's monetized faster.  Duma aided IOC shareholders and Phil/Henry were obviously not!

[jft310]

pickboone•13 minutes agoFlag

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"We understand that there is some sort of a beauty contest now between the majors to acquire those positions and we have a tagalong. So we will be able to make a new rapid cash on that property."

PRE's commentary above may the clearest sign yet of what has been transpiring in InterOil's asset sell-down process. I've listened to several of PRE's conference calls and don't recall a single instance in which they've expressed this much excitement about anything. This statement is the clearest independent confirmation I've seen that a bidding war has erupted among the majors for InterOil's assets. The quote above insinuates that there may already be offers on the table for some or all of block 237, and if that's the case, it won't be long before all of InterOil is acquired since the implications are that the strong interest spans way beyond Elk/Antelope, and other parties agree that even outside of PRL15, the structures that have been "mapped are very, very, very large... in excess of 5 to 10 Tcf every single opportunity there." The majors will not let go of an opportunity like this before dipping deep into their cash hoards to try to acquire the company

[jft310]

I am more inclined to think like Sir Bincma who stated in the same thread that IOC will sell some dry NG to Exxon and then use the condensates as additional cash flow or use them in their refinery. The talk not in print but the talk is IOC will have 30,000 barrels a day of liquids. Light Arabian Sweet Crude is the technical description of IOC's liquids. Not in print NOPE!