Some notes..
From Treeczar at Yahoo, since he has done a fine job, here it is:
- A lot was said while being restrained by confidentiality agreements.
- Offering was 4 x oversubscribed. That is more than a $Billion and those buyers were told no at $75.
- Underwritten Offering tells the financial mkts that IOC and it’s resources were properly vetted. Scam claims put to bed once and for all – again. Put IOC is a different league in the eyes of the investment markets.
- IOC is now on a level playing field with potential JV partners in LNG negotiations.
- We have enough nattie NOW to execute the EWI 3mtpa and CSP, and enough money to meet our pipeline, infrastructure and marine obligations. Only 1 more well in Elk/Ant before 2013, as a redundancy measure.
- Final docs with EWI now being completed. Phil pushing for early 1st H 2011 modular equipment delivery from the Gulf US and Canada, which is already paid for BTW by EWI.
- EWI agreements allow for up to 8mtpa modular LNG in Oreo Bay. FLNGs are to be onboard by 2014, proper piping and hardware for them is being engineered.
- CSP and EWI LNG in parallel eliminates re-injection wells and allows upstream and midstream development alignment to save much money and time.
- Ant-2 Horizontals revealed more about Ant-2 than a 3rd vertical well could have.
- “We already have what we need to execute LNG Plant” That means money, CSP partner and enough gas.
- EWI is good on their financing end, and IOC/Pac LNG could even shoulder financial support if needed.
- Looks like all LNG production, including napanapa, will be in modular form. Why? It saves tons of production expense. Recent interest from a couple Majors in the modular scheme has kept Phil and his team jetting all around the world in talks. Phil’s voice perked up at this mention.
- Drilling not needed now, exploration to emphasize seismics and info gathering.
- Elk/Ant reef was ‘game changer’ and we have 5-6 more reefs.
- Summation: We now have enough gas, money and partners to build CSP and 3mtpa and are knee deep in LNG negotiations with JV and some new majors want in.
Why are we dropping if all is good news ?
Stp,
Do you have someone on your staff that could transcribe & publish the comments made by Phil in yesterday’s conference call. I don’t think it would be necessary to transcribe the entire call, but just the opening comments by Phil and also his answers to specific questions.
I appreciate your recap above and think it is very helpful. But, as you know, the short interest will do anything to distort the things that were actually said or not said.
The catalysts have less pop now. Why are phil & Co. flying all around the world for 2 new majors if were knee deep in talks with all those other majors from japan korea china etc. EWC came out of know where which is a positive & a negative. Got a partner but what if something goes wrong how much confidence will the market have in EWC?
Rory,
It sounds like there are a lot of moving parts now, as many know from the Yahoo boards I’m extremely frustrated by what has taken place. I’m holding strong though because I still believe in the incredible asset, as STP has reiterated so much.
Good luck to all.
-CL