I'm expecting some kind of a news announcement this morning,

[Optionray]

Anyone else think we'll see a news announcement today.  Being Phil's last day, I can't help but think we'll see something around 6:00am cross the wires. spudding, sale down, etc.  Hope today brings us good fortune!

[jft310]

I would be surprised.

[TxPm]

I agree with JFT. No news this morning but the rest of the week may be a much different story

[SamAdams]

At least the timing of Phil's retirement still confounds me, absent more information.  I was hoping that might come today, and there's a scenario where tomorrow makes sense.  Given Phil's comments, it is hard to believe he is retiring prior to the deal being announced and while the beauty contest is on.  We had a very nice cadence to recent events: confirmation of major Asian interest, dissolution of Petromin, spudding  of Elk-3 within weeks, signed JVOAs, BoD meets again, leaks/guesses as to bidders....then Phil retires?  That should have come after deal announcement.  There are scenarios where it makes sense, but alas we wait.  I am digging and hope to understand this better.  the only scenario where this makes sense to me is RDS won and Phil doesn't want to be the one to shake thier hands.

[jft310]

Just focus on the deals and the future cash flows. Nada else matters. That when must be close.

[Tree]

At least the timing of Phil's retirement still confounds me, absent more information.  I was hoping that might come today, and there's a scenario where tomorrow makes sense.  Given Phil's comments, it is hard to believe he is retiring prior to the deal being announced and while the beauty contest is on.  We had a very nice cadence to recent events: confirmation of major Asian interest, dissolution of Petromin, spudding  of Elk-3 within weeks, signed JVOAs, BoD meets again, leaks/guesses as to bidders....then Phil retires?  That should have come after deal announcement.  There are scenarios where it makes sense, but alas we wait.  I am digging and hope to understand this better.  the only scenario where this makes sense to me is RDS won and Phil doesn't want to be the one to shake thier hands.

Phil clearly explained the timing of his retirement of CEO position.  I take him at his word and some have a bridge they want to sell me as a result.

His comments have not been contradicted and they make sense.

Likely the LNG transaction has been triggered and IOC wil not be operator.  There are forward thinking bigger fish to fry and Phil no longer needs to be also in control of day to day IOC matters.

**********

“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.

[SamAdams]

I am JFT.  I invested in IOC when it was Inter"oil" and stayed the course as we went through that transition.  I'm trained to ask questions and dig.  Trying to understand last week does not diminish the big picture for me, but I thinks its fair game.  Subsequent events will connect the dots.

[Optionray]

Anyone else think we'll see a news announcement today.  Being Phil's last day, I can't help but think we'll see something around 6:00am cross the wires. spudding, sale down, etc.  Hope today brings us good fortune!

OK, so If I was Phil, I'd throw the shorts a curve by saying no deal would be announced before the new CEO.  Shorts knowing the new CEO won't be announced today, will be caught off guard when Phil announces the deal today.  One last kick in the teeth to the shorts before Phil officially leaves.  I may be dreaming, but I sure would like to see that happen to the shorts for all the unfair tactics of the past.

[Palm]

Sam, your point is very valid. Anyone who says they aren't digging for answers as to the timing of his announced retirement is not being truthful. I know Wayne's line and email box are buzzing and we are all trying to put logic to it. In the end we have to take what has been said and assume most of that has been reported properly, then try and figure out what's been left unsaid. Facts are that he is retiring today and he likely would not be doing that without finality being very close as far as "closing" a deal; his words as Tree states above are, "the transaction is closed". We've been told that this has been "part of the process"; we can debate the hows and whys of that, but it's been publicly stated that this has been part of the process, and that bidders have been informed of it. So this is a pivotal point in IOC's history. IOC knows they need an experienced LNG guy at the helm, whether that be someone from inside, or someone coming in with some industry clout. Phil has stated that whoever it is needs to be in prior to "closing" and that is understandable to me. They need someone in that chair when the photo op happens; the new face of IOC, and that person needs to have a stake and incentive for getting things done. Since they have been interviewing, this announcement can come as soon as tomorrow, but also could be in the next couple of weeks leading up to the earnings announcement. But when he is announced, it could be our cue that the photo op is at hand. Everyone knows the various deadlines that are out there. Those who are short and saying it will be months are some of our best friends right now; it will make the pop even better.

[Gator]

I am still not 100% convinced Phil “retirement” was of his own volition.