Far East Consortium (JKM) met with Oneill last week

[Palm]

Last week JKM met with Oneill on the IOC project. Mr Oneill expressed support for the group and confirmed they have what it takes to satisfy the government. The group says it wants a piece of PRL 15 and is interested in further exploration of IOC's licensed areas:
http://www.postcourier.com.pg/20120305/business01.htm

Hohohoho

[Palm]

Here is the body of the article from Post Courier:

"Asian eyes Gulf LNG project

AN Asian company has expressed desire to submit a proposal to InterOil to participate in the Gulf LNG project as the strategic partner.
The Far East Consortium (FEC) comprised of executives from Korean Gas Corporation (KOGAS), Japan Petroleum Exploration Company (JAPEX) and Mitsui and Company Limited met with Prime Minister Peter O’Neill last week to discuss their continued involvement in the development of the PNG LNG Project.
Among the proposal is to acquire some portion of working interest in Petroleum Resources Licence (PRL) 15 including the ELK/Antelope field.
Mr O’Neill in welcoming the Consortium expressed appreciation for their interest to invest in the Gulf LNG Project.
He said the Consortiums’ efforts were vital to operate all aspects of the LNG project including upstream processing of gas products given their vast experience in this area. The Prime Minister also met with the Ambassador of the Republic of Germany H.E Dr Christopher Muller, who is concurrently accredited to PNG from Canberra, Australia.
In their discussions, they reaffirmed the existing bilateral relations and agreed to explore further cooperative arrangements in the industrial sector, manufacturing and services, sustainable agriculture and forestry with a view to adding value to the products.
Mr O’Neill informed Ambassador Muller that PNG was experiencing unprecedented economic growth levels and welcomed investors from countries such as Germany that were experiencing strong and stable economies in Europe. “Our economy is expected to be doubled by 2014 and I invite potential investors to invest in PNG,” he said. He said democracy was very vibrant in PNG and the environment was also conducive for foreign companies to explore business opportunities."

[admin]

Great news, thanks Palm. No question about it that the PNG govt. can't turn down serious interest from the two biggest LNG importers and regional powers Japan and Korea.

[Spartina]

Great stuff Palm thanks so much, Harry

[Palm]

Very interesting for many reasons. One is that they've formed a consortium which shows very LT intent. Another is that they are submitting a formal proposal to IOC, which well could mean they have been back and forth with IOC and feel it will be an acceptable bid. And most of all they sought support from the PM confirming that they will qualify to be the operator.

Sounds like they are pushing for a deal sooner rather than later; get it approved prior to elections getting full front burner for gov.

Very positive development.

[ellerslick]

If I was a betting man, I would have thought we would get a bounce off this news. The stock was trading at $67 and ran to $74 on the Japex Kogas news and not only is this a strong confirmation but has the added benefit of a nod from the PNG government as Palm indicated. This stock defies all rational thought.

[trans]

I refer u back to A/2 well. 9/17/09 update "top of limestone. Price 34.65...stock still hadn't gone anywhere special, just like here. popped on that news and was up 9/18, then spent 11 days being pushed down again from 9/18 rally high of 41.90 before it broke above the 41.90 and closed 43 on 10/5/09. On 10/20/09 stock was 54.33 on the way to 84.05 on 1/6/10.
We haven't even had a release of "top of limestone" to start the interest building here. Hopefully, that should come today and Wayne's speech today start the recovery clock. One more note, more important move higher was into conf call IOC here before 15th. than today's update. I would expect fireworks to start here this week to some degree, but gain momentum going into IOC conf call (required by 15th) and thereafter.
IMO, this stock is being heavily algorithm worked to cover shorts (Friday shorts 31% of total nasdaq reported. That smells short covering. That's my bet.

[TomCrooz]

If I had to bet my house in Beverly Hills, I would bet we have either seen the bottom of this recent pullback, or are within pennies. The stage is set with today's lows to bounce hard and complete a reversal(Croozian). I would also suggest a close below 56 would not be good.

[Petrovale]

I hopes the HFT computers agree with you...

[trans]

fwiw, that Pop on 9/17/09 was Evan Calio's initial recommendation. Stock went from 43.65 to 41.90. Then backed off 37-38 for several days before later taking the 41.90 high out with a 43 close.... fwiw