Phil Speaks on Retirement

[Tree]

He did it hiiiiiiiiiiiis waaaaaaaaaaaaay!

Maybe the 'buffoon' contingency can STFU now.  The 'buffoon' runs circles aroung the others.

And yes it did and does matter what Phil is up too as he is still integral in IOC matters.

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Mulacek on his retirement: exclusive

Blair Price Friday, 26 April 2013 INTEROIL chief executive officer Phil Mulacek has correctedPNGIndustryNews.net on the circumstances of his recent retirement. InterOil CEO Phil Mulacek. He said he is retiring so he can focus on his private company and allow the new CEO to have running room, while helping from an InterOil director position.  Given the timing of the announcement of Mulacek’s retirement, PNGIndustryNews.net inquired and got confirmation from InterOil chief financial officer Collin Visaggio that this development was part of the underway “process” to sell an Elk-Antelope field operating stake to a strategic LNG partner.  Mulacek has since told PNGIndustryNews.net that this came across poorly and consequently provided more background to his decision.  “I was retiring so that I can focus on my private company after we get the LNG [transaction] closed, and help InterOil as a director and chair certain strategic committees that I enjoy,” Mulacek told PNGIndustryNews.net.  “I recommended a new CEO [for] some months, and we have interviewed to ensure a smooth transition to run the LNG project once it is closed.  “This timing is now, and any new CEO would like upside and input to gain respect by shareholders. If I wait until the transaction is closed, and the stock runs, then he has a flat position while the project is under construction and a selfish outcome that hurts me and everyone.  “As the fourth largest shareholder it would not be in my personal interest to have a harder environment for a CEO replacement, nor do I need to falsely create a situation that is hard to follow and would mean cheap shots by some shareholders. Many really have no idea of the hard work it takes and support that will be required for a new CEO.” The InterOil founder’s CEO retirement is effective from April 30 and he revealed that Elk-Antelope bidders were aware of his plans, which counters some of speculation since this news emerged.  “In regards to LNG partners, I have worked with the main bidders and each of these has been told by me for some time I will retire,” Mulacek said.  “It was absolutely false to state or imply it was implied by any valid bidder that I retire. In fact the ability to go forward proves the point to the bidders that we are serious, as I announced my retirement, knowing they will all take it 100% seriously. It was absolutely false that any valid bidder would want me out. The respect is there, and I am on the LNG steering board committee and will remain so.” Mulacek said it had been fun building InterOil, which included its role in Papua New Guinea’s “largest discoveries with over 1.6 billion barrels of oil equivalent in five years” and growing its PNG employment base from two people to more than 1000. “I have taken the company from a low of 50 cents to $US75 per share over 12 years, found vast gas volumes of hydrocarbons, the largest in PNG, built a refinery and full retail distribution – I have nothing more to prove. “To be successful on any transition, I respectfully need to leave some room for my replacing CEO, and support the growth so there are no false shadows.” Mulacek owns about an 8% stake of InterOil.

[Palm]

Awesome. Glad this is the way it shook out. He's done this correctly and can watch it all play out.

Well done Phil and thanks!!

[Spartina]

Tree you couldn't jump on this any faster? Man you are slowing down.

[jft310]

Phil is a visionary and got us this far. Based on his execution of his vision IOC has been and will be a great investment. Going forward a Super Major will call all the shots and thats not an environment most entrepreneurs want to operate in. God bless Phil for what he has done for me, my family and our clients. Thanks Phil drinks on me next time.

[Tree]

Tree you couldn't jump on this any faster? Man you are slowing down.

Mating season.  First things first HC!

philstar.com moles in communication with Phil, reported yesterday that 'Phil was all good with the retirement'.

It amazes me how much hate exists for this guy that buit this company that made so many so much money. I guess the quick buck, greed and dependence on rumor and timing 'knowledge' gets that subset into trouble and makes them bitter.

[jft310]

Like everything else with Interoil looking back Phil saw the problem and found the solution on how to best go forward. Lots of credit should be due to him for what has done. If someone lost money on timing Interoils monetization with options and margin well who made the choice to go to Vegas and gamble??? The company stated do not use options and margins! So any loses are laid clearly on the person making the bet not the company. Some can man up and others find persons to blame.

[Palm]

It's very obvious he has read and heard the things being said and very politely raised a finger to those. As many have said, I'd love to know what this personal venture is and if its open for investment, I'll strongly consider investing in him again. You can bet it won't be an amusement park.

[jft310]

pickboone•1 hour 42 minutes agoFlag

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2 material positive developments overnight -- Total and Mulacek comments
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PM Peter O’Neill issued a media release last night indicating that “Executives of global giant, Total met with Prime Minister Peter O’Neill today and declared their keen interest in oil and gas exploration in the country” and “Mr O’Neill welcomed their keen interest in investing in the LNG sector”. Total’s meeting with O’Neill certainly seems to confirm Platts assertion that it, along with XOM and RDS, is one of the three majors bidding for a stake in IOC’s project. It is likely that O’Neill’s approval of Total’s investment in InterOil’s project was a final step required before a deal could be closed, so it may trigger closure in the coming days. Also, O’Neill’s media release extinguishes the risk that the PNG is trying to strong arm InterOil into accepting an inferior bid from RDS. This is a very positive development that likely portends to an imminent deal and a very healthy and fair value ascribed to the resource.

The second development is an article issued in PNG Industry News last night titled “Mulacek on his retirement: exclusive” in which Mulacek stated, “This timing is now, and any new CEO would like upside and input to gain respect by shareholders. If I wait until the transaction is closed, and the stock runs, then he has a flat position while the project is under construction and a selfish outcome that hurts me and everyone.” Mulacek is asserting that he expects the stock to run up significantly upon the announcement of a transaction, providing the first confirmation from an InterOil executive since the 2/28 bid deadline that the winning bid values the company well in excess of its current market cap. Also, in the article, Phil conveys that the CEO search referenced in the company’s press release was initiated a while ago, and it now seems there may be another immediate positive catalyst on the horizon with the announcement of a new leader. If a credible CEO replaces Phil in the coming days, institutional capital could flock to InterOil's stock

[Tree]

Best part of Phil's clarity is IOC's full intention of remaining an independent company.

[admin]

Like I said before, you should write a strong letter of protest to Pavel and all the other publications and people who argued he was becoming an obstacle. You might also take into consideration that what CEO's say about their own departure often has to be taken with at least some salt, but perhaps this is the exception.

As I've already argued, there can be no doubt about the tremendous job he's done, he created a $4b company out of thin air in a a remote, frontier country, the world needs more Phil's.

But as to exactly why he left, let's just say there is more than one interpretation possible, including his own, including that of RJ.

Of course I'm just admin and I don't have a subscription to "philstar", whatever that is.