Besides the verification wells @ E/A. How many rigs will they have drilling in the nexrt year and where will they be drilling? I remember hearing there was a possibility of getting yet another rig, which would bring the number up to what 3 or 4? Drilling SIMULTANEOUSLY? Have I got this right? Can you imagine what will happen if just ONE of those rigs hits gas, or god forbid, the black stuff? Can you say Wahoo? What are the options?. Where could we sell that extra gas? Exxon? What would that do then for the TIMELINE of getting cash for those newly discovered hydrocarbons? As the dust settles and the facts start to soak in you start to realize The good Dr. is right - how different IOC is now than they were 4 days ago. It has been derisked. They have verification from a supermajor. They will have cash and no concerns about losing thier exploration licenses. Some of us had very little doubt this would happen, but it has ACTUALLY HAPPENED. We finally have the backing of a stable gov't, no more curveballs from Duma. We will have cash in the next year that should be double what the present market cap is if you believe the GLJ numbers are even reasonably accurate. What happens if one of the appraisal wells @ E/A breaks another world record?
I still believe IOC has at least 25 T's in their rolodex. PRE believes it too. Now they have $$ to drill, and time to drill (Duma's assurance of extending their licences). Any new discovery now is completely different, disproportionatly more valuable because of their new found base.
Friday was a very tough day. A square shot right to the nuts, full velocity. I am sure many of you like me were getting very excited that this deal would coinside with the holidays and that it was going to be an extra special christmas.
I'm reminded of when we were at the bottom of one of those wells, Black Bass maybe, and there was no comercial find. The stock went from something like 40 down to 18 in about 20 minutes. Everytime I clicked the mouse I lossed 50K. And then back in 2008 when the market tanked and we went down below $9pps, Merrill Lynch pulled out and we almost lost it all, everything. I look back and realize I had no idea how vulnerable IOC was at that time.
This is completely different. We are soooo much better now than we were. We have been completely derisked. A year ago today the stock was less than it is right now. The volatility is over my friends, we have stability. There's only one direction from here and that's up. With just one more discovery from the new prospects, or verification of Triceratops it's to the moon and back. I believe the market will also realise this in the comming days, weeks and we creep back to previous levels from which we launch into new highs we have never seen. Bust through the 100 mark and way beyond and never look back. After 16+ years with this company I firmly believe this with all my heart. We have NEVER been in a better position.
2014 baby, Faire attention. Merry Christamas to all.
