Posts: 6,851
Threads: 697
Joined: Dec 2011
Reputation:
441
10-01-2014, 01:11 AM
(This post was last modified: 10-01-2014, 01:14 AM by Palm.)
IMHO (as stated) it's unbelieveable that none of management (other than Brown recently) has purchased shares when trading windows have been open. IR has said that the legal beagles are working on how this can be done given what all is going on with the company. Per their Insider Trading and Disclosure policies there is a required disclosure of material info unless, "...the Committee determines that disclosure of such material information would be unduly detrimental to the Corporation (for example if release of the information would prejudice negotiations in a corporate transaction), in which case the information will be kept confidential until the Committee determines it is appropriate to publicly disclose. In these circumstances the Committee will cause a confidential material change report to be filed with the applicable Canadian securities regulators and will periodically (at least every 10 days) review its decision to keep the information confidential."
This is their only excuse they could possibly have for the lack of disclosure. Could they keep such info quiet this long? Seems hard to believe, but they better have something like this going on which comes out before too much longer or their failing credibility will be at zero.
Posts: 8,568
Threads: 1,342
Joined: Dec 2011
Reputation:
380
I heard the 6 months exclusive OSH right to negotiate with the remaining IPI had a bearing on slow drilling timing. FWIW dept. That has lapsed now..Ltinvest in a seperate comment heard they might be slow in drilling because of the Arbitration who knows. Might be some on going negotiations ..
Meg Lasalle today stated remember how deep these wells are being drilled. Raptor is 4500 meters , Bobcat 3100 meters??I think , deeper/over pressured drilling than any other Interoil well. Deep drilling takes time she was saying. I asked for a DST when they drill ahead into the formation.
Posts: 2,623
Threads: 61
Joined: Dec 2011
Reputation:
225
Palm, given the information we got this morning, what makes you think there is anything else about the drilling that is material enough to require disclosure? Working on how what can be done? Disclosure of drilling information, or what?
What kind of "corporate transaction negotiations" do you think could be going on to warrant withholding of material information, and what kind of information?
You may think others should have been buying, but nevertheless the significant buying by Brown it seems would indicate there is no Company or material information reason for them not to be.
Posts: 2,904
Threads: 58
Joined: Mar 2012
Reputation:
259
FWIW The average US gas well now goes down 7,000 feet. Per http://www.marcellus.psu.edu/resources/maps.php vertical drilling in the Marcellus is 5-9,000 feet prior to reaching the target where the drilling continues another 3-10,000 feet horizontally. The Deepwater Horizon went to 35,000 feet. Add Meg's comments to the list of lame excuses. I certainly wouldn't blame her though.
Posts: 2,623
Threads: 61
Joined: Dec 2011
Reputation:
225
'jft310' pid='50246' datel Wrote:I heard the 6 months exclusive OSH right to negotiate with the remaining IPI had a bearing on slow drilling timing. FWIW dept. That has lapsed now..Ltinvest in a seperate comment heard they might be slow in drilling because of the Arbitration who knows. Might be some on going negotiations .. Meg Lasalle today stated remember how deep these wells are being drilled. Raptor is 4500 meters , Bobcat 3100 meters??I think , deeper/over pressured drilling than any other Interoil well. Deep drilling takes time she was saying. I asked for a DST when they drill ahead into the formation.
I'm skeptical about any delay related to the OSH/PacLNG agreement. It seems they could always extend the agreement if they wanted.
I also don't see reason for any relationship to the arbitration.
I think it basically comes down to what Meg at IOC says and to being very careful,deliberate, and observant, along with the problems they have been having with the Orubadi and pressures.
Posts: 4,164
Threads: 1,500
Joined: Dec 2011
Reputation:
268
'Getitrt2' pid='50247' datel Wrote:Palm, given the information we got this morning, what makes you think there is anything else about the drilling that is material enough to require disclosure? Working on how what can be done? Disclosure of drilling information, or what? What kind of "corporate transaction negotiations" do you think could be going on to warrant withholding of material information, and what kind of information? You may think others should have been buying, but nevertheless the significant buying by Brown it seems would indicate there is no Company or material information reason for them not to be.
Two key types of material info:
1) Drilling status and it's fruits
2) Corporate transaction negotiations. SM partner selection, JV/Farm-in negotiations, Merger talks, Refinery sales.
Laurie could buy as he is betting on successful #1 and knows nada of #2
Hession and top team have been occupied with #2 per closed deals and M&A news reports.
Hession's $500,000/T incentive package will pay him off years ahead of any direct pps appreciation.
Posts: 8,568
Threads: 1,342
Joined: Dec 2011
Reputation:
380
We do know that Interoil has talked about farming out the balance of their leases. Those negotiations could a guess be ongoing and with a find or 2 those leases would prove quite valuable. Those on going discussions are very very material and would be a good reason for Interoil execs to not be allowed to buy stock.
Posts: 6,851
Threads: 697
Joined: Dec 2011
Reputation:
441
Getit, what makes you think I was talking about drilling info as far as materiality? You need to read and re-read. I stated that legals were supposedly working on how execs could buy when insider window is open when they know what they know.
And you prove my point on execs (outside of Brown who just joined the mgmt. team); if there is no undisclosed material info, they have had plenty of chances to buy "substantial" holding of stock as required by the Insider Trading policy. As my initial post states, the ONLY reason they would have for not buying would be if they have filed a confidential material change filing with regulators. As Tree states, given the Brown purchases the filing (if done) would have to be for something other than drilling, or they should have purchased stock by now out of their own pockets. Also IMO Hession's $500k bonus per T should have not been structured as a cash payout. As CEO it should be that he gets 1/3 up front, 1/3 is required to be used to buy stock, and 1/3 he gets when the Ts are monetized in a deal.
Posts: 8,568
Threads: 1,342
Joined: Dec 2011
Reputation:
380
Palm-I nominate you for the compensation committee. Today we have what we have with Hession. He has additional bonuses cash to reach certain higher rungs on the ladder to an LNG plant. One of the biggies was to sign a second deal for a second LNG participation. Hession has a HUGE monetary award if he gets that done. Because of the size of that payment and because we are on top of the formation at Raptor and close at Bobcat its reasonable to assume that some discussions have taken place. Must be more than casual talks is my take.
All will be revealed in due course. Hard to wait this long is a more than fair statement.
Posts: 2,505
Threads: 219
Joined: Dec 2011
Reputation:
109
'ArtM72' pid='50248' datel Wrote:FWIW The average US gas well now goes down 7,000 feet. Per http://www.marcellus.psu.edu/resources/maps.php vertical drilling in the Marcellus is 5-9,000 feet prior to reaching the target where the drilling continues another 3-10,000 feet horizontally. The Deepwater Horizon went to 35,000 feet. Add Meg's comments to the list of lame excuses. I certainly wouldn't blame her though.
4,500 meters is 14,800 feet. From 4/1 10/1, assuming 75% of the way to TD that would be about 600 meters per month or 20 meters per day.
|
