Phil cannot attract partners?

[Tree]

So he's gotta go, right?

Except for those FID ready partners IOC has had since Dec. 2011.  Project Zebra scandal and a political crisis in PNG caused by a near dead absent PM Somare led to a 2 year delay.  Stripping a cash cow scheme from E/A investors.

IOC had FID ready partners eager and willing to work with impossible Phil Dec. 2011.

EWC, FLEX, Mitsui and Samsung Heavy Industries.

And the 4 OTers signed in 2011, EWC/IOC Philippines power and LNG Hub project, ENN, Noble and Gunvor.

Samsung is the largest Co. in SK and as Conrad Kerr said 'contributes more to the SK economy than any other company'.

Mitsui is a giant JP trading house with operations worldwide.

Sure, know it all retailers mock EWC and FLEX as they must know more about LNG than Aldorf and Kerr ,who have both developed LNG projects from concept to production, and these guys designed and were attracted to the strongest, most sensible, easily to stage mid-size LNG project ever  worldwide.  The scheme was good to 11Mtpa and easily sold 500,000 ton modules would be stacked.

The cost structure and commercial flexibility of that scheme were unparalled in the industry.

The 4.8 Mtpa Gulf LNG phased start-up scheme was set to produce $100,000,000,000 LNG revenues over 15 yrs.

EWC and FLEX/SHI received 15% royalty and IOC/Partners received 85% or $85 Billion in revenues.  Of which IOC owned 60% or $51 Billion over 15 yrs.

That was $3.4 Billion in LNG revenue per yr.  More than IOC market cap.

And this scheme had IOC as upstream operator and a contract LNG operator.  The control Phil and team sought as that meant higher margins not only for IOC but for EWC, Flex, SHI, Mitsui, IPI partners, PAC LNG and the PNG Gov't.

If it is now a sure thing EWC is out and IOC is not to be operator and Phil has been planning on retiring as he stated, then now before the LNG transaction involving an inferior scheme is a good time for him to exit.

Now, we await the Gov'ts recommendation between suitable likely 6 competing bidders for Gulf LNG stake and most surely we get a SM as the Gov't now prefers.  Less risk for PNG with a SM.

 BTW, these bidders weren't scared away by Phil, so why will they be scared away by him as operating partners?  They won't.  If only IOC shareholders receive anywhere near the cash flows from the SM led project as the EWC/Flex led Gulf project we will be lucky.

[jft310]

The undoing of the Phil/Henry scheme lies in the HUGE amounts of money involved and persons not wanting new players on their ball

field. FLEX success would hurt Shell. EWC was a threat to the Super Major way of doing business and the whose IOC to be an operator

was the record that was played .Could they have done it well I think so but I don't get a vote. So now we have to settle for lower cash

flows . What would have happened if Somare had not gotten sick?? Lots of what its for sure.

The bottom line is we get monetized and make baskets of money but it always will be an idea geez how much more money could we

have had with EWC/FLEX. Was Chandler mad that Phil couldn't sell EWC?? How can that be Phil's fault.??The industry players couldn't

afford to let let little ole IOC make then look bad. So we saw project zebra and I assume others who eroded the EWC/FLEX idea. Lets get

this straight now. Phil wanted what was best for IOC shareholders. Make the most money from what you have found. To throw him under

the bus means you don't understand the differences in cash flows between EWC/Flex and the Super Major way. I think it made him sick

to see the Billions in cash flow differences and finally said heck with it lets just move on and get it done. Thats what was best for his 4

million IOC shares but he knows and I know and you should know that's NOT the way it should have been and this leaves Billions in cash

flow not realized for IOC shareholders. But in reality we still will have Billions in cash flow .So call Phil and Henry and others including me

GREEDY. Yep I wear that hat proudly. Ya see I invest to make lots of money. Other have another agenda.