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Wahoo was thought to have a lot of potential gas. They had said there were all the necessary precursors for gas and in fact the initial drlling had found signs of several types of gas.
On the call and in the quarterly update,they said they learned some things in drilling,( which says nothing) but not a word or question on returning.
I would have thought there would be some discussion of returning, even if returning is down the road.
Why was this topic not further explored and the company statement "they had learned some things" accepted on the call with no questions?
I think this is another example of how current management always opts for non-disclosure when it can disclose more. As a long term shareholder I think this is the biggest weakness of current leadership. Just my opinion. Still a believer long term.
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Steve- The press release stated, "“Information obtained from the well will assist in evaluating future targets in this frontier area.” That line was repeated verbatim during the conference call by Dr. Palmer, SVP of Exporation,
So, looks like they'll be going back down the road, down the road. Meanwhile A-4, 6 and South (sounds like Hession reeeally wants an A-7, too) as well as tieback possibilities T-3 completion and Raptor sidetrack.
for our cause
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08-14-2015, 03:31 AM
(This post was last modified: 08-14-2015, 03:34 AM by ArtM72.)
I am disturbed also why we got absolutely no information on the geology they did find at Wahoo, the nature of that new information and how that new geologic information might inform their future explorations. Was it all Orubadi for the full depth or were there seams of sand or porous volcanic rock which could contain a great deal of gas even though the seams might be relatively thin? Compared to the pay zones of hundreds of meters thick we are used to seeing a 50 meter sand layer might seem non-material. If however it extended for kilometers we would want to know.
One of the options mentioned by Hession last year following stoppage of Wahoo drilling was flow testing the sand layer they had intersected. Why did Hession decide to immediately abandon the well and walk away from flow tests of any kind? Because he has something better to do with Rig 3? If he does he didn't say anything.
Also, the suggestion bysome on this board that IOC should focus on PRL 15 drilling and testing overlooks the fact that after A4 is finished IOC is simply an observer at PRL 15. They (we) are only along for the ride and the cash calls. Forward movement directed by Hession can only be in IOC's remaining PPLs. Sure, what happens in PRL 15 is important, but it is out of IOC's hands. That includes planning, equipping and executing A6, A7 and AS1. I suppose IOC could assign its contracts with High Arctic to the JV, but where does that leave our exploration and delineation program for Raptor, Triceratops and Bobcat?
My last little observation has to do with the next payment from Total. Like OSH, Total has no incentive to boost the next payment to IOC. They more likely have an interest in delaying payment as long as possible. Drilling A7 would be just another excuse to delay payment given fact all of these wells are tied together in a reservoir of great porosity.
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It's not with the rigs all one way or the other . Sometime in August High Artic says rig 116 is to arrive to join 103 and 115 as Helio portable , plus our older rig 3 road based . If Oil Search can loan a rig to the JV then Interoil can loan a rig to the JV . So IOC is quite a bit more than observer they are a JV partner.in PRL-15 . They share . Today we don't know how the sharing will work . Not all rigs will drill in PRL 15,nor all others drill outside PRL-15. Somewhere in the middle .
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'Li'loilady' pid='61690' d Wrote:
Steve- The press release stated, "“Information obtained from the well will assist in evaluating future targets in this frontier area.” That line was repeated verbatim during the conference call by Dr. Palmer, SVP of Exporation,
So, looks like they'll be going back down the road, down the road. Meanwhile A-4, 6 and South (sounds like Hession reeeally wants an A-7, too) as well as tieback possibilities T-3 completion and Raptor sidetrack.
In all due respect, the above statement does not tell us anything. Some color on what they plan and believe the future holds for Wahoo would have been helpful. Lots of money was spent there with no results and not a word of the future plan. I do not find that satisfactory communication with shareholders.
With the stock being where it is and going down today, they expressed not a single word of optimisim regarding Wahoo in the future. They easily could have said they still have high hopes down the road, but said nothing. I just do not think silence on what was thought to be a major find is helpful or proper.
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Steve - email IR for their reaction to your sentiments . Then tell us . Thks.
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'jft310' pid='61698' datel Wrote:Steve - email IR for their reaction to your sentiments . Then tell us . Thks.
Just e mailed IR.
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'steve3752' pid='61696' datel Wrote:
'Li'loilady' pid='61690' d Wrote:
Steve- The press release stated, "“Information obtained from the well will assist in evaluating future targets in this frontier area.” That line was repeated verbatim during the conference call by Dr. Palmer, SVP of Exporation,
So, looks like they'll be going back down the road, down the road. Meanwhile A-4, 6 and South (sounds like Hession reeeally wants an A-7, too) as well as tieback possibilities T-3 completion and Raptor sidetrack.
In all due respect, the above statement does not tell us anything. Some color on what they plan and believe the future holds for Wahoo would have been helpful. Lots of money was spent there with no results and not a word of the future plan. I do not find that satisfactory communication with shareholders.
With the stock being where it is and going down today, they expressed not a single word of optimisim regarding Wahoo in the future. They easily could have said they still have high hopes down the road, but said nothing. I just do not think silence on what was thought to be a major find is helpful or proper.
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It reads to me like they plan to use what they learned at Wahoo in future drilling elsewhere. My interpretation is that "this frontier area" refers to PNG as a whole...not Wahoo specifically. My inference is that there was no color as to future optimism...because there isn't any.
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Even the analysts seem to getting the treatment. Quite a term, "asymmetric information".
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CAC - you post like the posters after Elk 2 . It was a water well . Everyone was down . Then we had discoveries at Elk 4 and then found Antelope . The seismic's showed good possibilities at Elk and they didn't give up and went on to find Antelope . Wahoo had terrific seismic's like Antelope . Near sure ??read Pet's pre drill posts on these pages . Wahoo is not a priority today the payment is the priority . That drives the stock price up which is the source of your frustration .
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