Who remember Hession's comment about rigs??

[jft310]

I do

On the CC Hession stated clearly he expected to have 5-6 rigs drilling this year.We have 4 identified. Or Hession needs another rig or 2 .Exactly where its coming from has not

been made clear. One reasonable assumption is Oil Search.We wait for clarification.

[ArtM72]

I clearly remember reading somewhere IOC is going to buy 10 new rigs to drill 8 wells in their $300 million campaign.

[jft310]

So you think Hession misspoke on the CC?? Ok then. We know where you stand.

[Palm]

JFT, the last CC was on Dec 6th discussing the deal with Total. In that call Evan Calio asked:
"Is there any change to the rig count now that you get move to three appraisal wells and this exploration and you have more significant funding? Going forward did you expect to ramp the recount even more?"

MH responded with:
"Well, I’ll be honest with you. I am considering it. We’re in a position where we’ve got four. They’re going to do some further work and there has been things that have turned up the due diligence of the company. They have looked long and hard, now that’s the team and to consider asset rate. So we are considering that. We’re scoping it. We’re actually in discussions about it, but we’ve not yet committed to that. But you are getting extensive work going, yes?"

IOC has 2 rigs of its own and they were looking at leasing 2 more (I believe). Now we have OSH stating that they can provide 1 rig to drill 2 wells with the option of drilling 2 more wells with that rig down the road. So it appears that we can verify they have the possibility of 5 rigs being spoken of in CCs and PRs. However Hession makes it clear that this all depends on their assessments of structures and what they prove up and what the actual development plans end up being. Like most things in the agreements/planning right now, things are fluid. We can by no means say much is set in stone right now including the number of rigs planned/available, including who will be the partners in PRL 15 and beyond and what the development plans will be. There are still several possibilities in all of this and that's why pps is floating around the current levels. The only thing that's very certain right now is that some deal will get done, but when, with who and how is still a bit up in the air.

[Getitrt2]

I've been told that the fourth rig was the one contracted from OSH, but that they were considering and in talks about a fifth rig.

[jft310]

Yes Getit I was told the same on Tuesday , after which we spoke . You had your talk Wwdnesday which verified I heard properly.

i suggest questions about IOC partner line up be directed at the Bloomberg reporter not the person quoting the reporter.

[ArtM72]

I for one am delighted we have two wells spudded, one ready to be spudded, our leases extended 5 years, the PacLNG ownership transfer completed and Total presenting at the European Gas Conference in a manner suggesting little doubt as to their future partnership with IOC in PRL15. This has been a terrific month of March already, regardless if Mr. Market recognizes that fact or not.

Now if we can just get the 30% +/- confirmed and a closing announcement made. All the conditions precedent seem to be fulfilled.

Oh yeah. One more thing. Would it be too much to ask to hear before the end of the month the bobcat is bloated and hasn't been able to pass gas for a very long time?

[trans]

I for one am delighted we have two wells spudded, one ready to be spudded, our leases extended 5 years, the PacLNG ownership transfer completed and Total presenting at the European Gas Conference in a manner suggesting little doubt as to their future partnership with IOC in PRL15. This has been a terrific month of March already, regardless if Mr. Market recognizes that fact or not. Now if we can just get the 30% +/- confirmed and a closing announcement made. All the conditions precedent seem to be fulfilled. Oh yeah. One more thing. Would it be too much to ask to hear before the end of the month the bobcat is bloated and hasn't been able to pass gas for a very long time?

Artificial trading since 3/6.  Heavy lids almost constant holding ioc stock down, when stock is bid up, selling automatically takes place to send it back down again.  They're using dark pools to do this.  Price has no relationship to fundamentals here,  price is being rigidly controlled by the crooks returning and manipulating...this is the same old game...

[jft310]

Heres the direct quote from Hession from the Roadshow
"today looking forward 4 rigs lined up looking for another two for next year drilling"Date Dec 13th 2013
Not sure call IR and ask.

[petrengr1]

I've been told that the fourth rig was the one contracted from OSH, but that they were considering and in talks about a fifth rig.

I believe the above is correct.

Rig 2 is at Bobcat

Rig 3 is at Wahoo

Contract rig is at Raptor. I think this is a Western Drilling rig(NGE partner) but need confirmation

The rig from OSH is a contract rig and will be used in PRL 15 for up to 3 appraisal wells and possibly the exploration well.

If they can find a fifth rig it will probably drill Triceratops-3.

I would like to see two rigs working in PRL 15 simultaneously in order to expedite the certification process and our resource payment. This would also move forward the exploration well and the possible resource payment that would come from that if a discovery is made. Maybe Rig-2 will come back to PRL 15 when it completes Bobcat.

If we have success at Bobcat, Wahoo and Raptor we will have to see if they want to follow up those discoveries with appraisal drilling.