Wahoo-Correct me if I am wrong

[calvin grad]

Wahoo was spud on June 14. It is a sidetrack from previously uncompleted well .Sidetrack had been completed as of June 14.. Expectations would be that  they would enter the pay zone  in 2 to 4 weeks.. Either permeating the  pay zone is not material or complications doing so are not material .

[jft310]

Looking at Hession's disclosure history this is an Aug Earnings release story . Right or wrong . Per the AGM slides a discovery is expected based on the estimated T count on those slides.

[sageo]

Wahoo was spud on June 14. It is a sidetrack from previously uncompleted well .Sidetrack had been completed as of June 14.. Expectations would be that  they would enter the pay zone  in 2 to 4 weeks.. Either permeating the  pay zone is not material or complications doing so are not material .

Calvin - Good day to you . Your " or complications doing so are not material " is interesting. I really think they should be,if that is the case. I believe we recently sent a couple of our guys to Brisbane to attend a seminar on stuck pipe. If they did , I sure hope that was just an educational course and nothing more . Hope we are "drilling ahead" in a productive manner......(with good results down the road ! ) Best to you .

[Getitrt2]

I do not believe they would normally consider entering a pay zone a material event or declare a discovery at such point, without results from logging, etc. They would also be setting casings, etc. I am sure others could provide more information than I, but there is probably no point in speculating before we get some hard information.

[trans]

Wahoo was spud on June 14. It is a sidetrack from previously uncompleted well .Sidetrack had been completed as of June 14.. Expectations would be that  they would enter the pay zone  in 2 to 4 weeks.. Either permeating the  pay zone is not material or complications doing so are not material .

Here's my uneducated guess, fwiw.

Wahoo sidetrack spud 6/10.  I figure at lower 13 3/8 casing.   Lookiing back to info available, 13 3/8ht seems to be used by ioc to 3,,,-4,000 ft..  I conservatively guess 3,200 ft ,  Old wells  of ioc drilled 105-107 ft on average, but wahoo was more challenging.   So my estimate of drilling was 56 ft per day and I'll use that for new sidetrack.   Now, best guess is that ioc top of formations ran around 6,500 ft.   so that would be 58/59 days to top of formation.  So today would be abour 46 drilling days, leaving 12 to 13 more drilling days to TOF.  So that would put Wahoo into an area of some drill news by conf call mid aug......Sound okay?.....trans

[jft310]

Like your detailed guess.

[Putncalls]

I'm hoping that the IOC improves their drilling performance but Kirk is still a VP.

[2126]

We also know that Wahoo has very high pressure and some very sticky Orubadi shale to drill through. Could slow down drilling to some extent if they are being careful, which I hope they are actually.

[Stavros]

I, and many other IOC Shareholders, believe that reaching the "Top of Formation" is something that IOC should announce. My viewpoint is reinforced by the definition of Material Information contained in their Insider Trading Policy; i.e., that EXPLORATION DRILLING PROGRESS is Material Information.

HOWEVER, IOC continues to withhold drilling progress reports. OSH gives us updates on drilling within E/A, but Wahoo is not in that resource.

QUOTE FROM INSIDER TRADING POLICY:

Information is deemed “material” if it could affect the market price of a security (i.e., stock, option, bond, etc.) or if a reasonable investor would attach importance to the information in deciding whether to buy, sell or hold a security. Material information can include information that something is likely to happen – or just that it might happen. Examples of some types of Company information that can be material are:

• Financial and operating performance, especially quarterly and year-end earnings and significant changes in financial performance, outlook or liquidity.

• A significant change in the Company’s debt ratings.

• Estimates or projections by the Company’s officers of future earnings or losses, especially Company projections that significantly differ from external expectations.

• Events or business operations which are likely to affect future revenues or earnings (for example, mergers and acquisitions, the acquisition or divestiture of significant assets, subsidiaries or business units, EXPLORATION DRILLING PROGRESS, discoveries of oil and gas, and the execution, or loss, of important contracts with partners or other parties).

• Plans for substantial capital investments.

• Stock splits or other recapitalizations, capital restructuring, public or private securities offerings, or changes in Company dividend policies or amounts.

• Redemptions or repurchases by the Company of its securities.

• Actual or threatened major litigation, developments in major litigation or the resolution of such litigation.

• Significant changes in senior management.

• Any other information which is likely to have a significant impact on the Company’s financial results or share price.

END QUOTE

[jft310]

Stavros-This is a Very losely worded definition . Done on purpose to allow for judgement . Example reaching the top of a formation has zero bearing on commercial assets or not . Your opinion will not influence them one drop. The company has chosen to report on commercial finds a discovery it's called and quarterly updates . The over riding rule is per the NYSE a full quarterly update which they are complete compliance with . Many NYSE exchange companies only give results quarterly The best thing we can do is advocate for a listing on the Australian which requires monthly updates .
Today it's a bit over 2 weeks till they must tell us what's up with drilling .