Pretty interesting! (Preliminary, check for updates)
- FID dates hold firm
- There is a 20mtpa interest in demand for IOC’s LNG
- The first round of bids for the CSP (condensate stripping plant) are due by Aug 15 (of this year)
- The first offtake deal provides 3x the coverage of EWC’s and Flex debt (so we think it’s safe to say that the guarantee of the last payment to Samsung from Flex won’t be a big problem)
- Elk/Antelope partial sales price at $5-7 per Mcf! (yes, this is not a typo). For easy reference, the company is valued under $50 cents today
- Triceratops will take roughly 60 days to drill, will be done this year
- Results are the best in the company’s history
It was a Great CC! However the statement by PM concerning the $.50 valuation was a little concerning to me. Is he frustrated IOC gets no respect or is he worried about a hostile offer (I know he has the posion pill, but he would have to take to stockholders a serious offer $100, $200, $300, or more)? Is he concerned a few institutions are concentrating too many shares in the hands of a few and they may vote to sell at some higher number, say $300, when PM values his shares at $1000? Anybody have anythoughts on his motivation? Just thought it was a little out of place. Bruce in Columbus
Excellent observation Bruce. I also thought it odd that this would be mentioned in the CC. I think there are 2 reasons for this, 1. the hostile takeover as you mentioned and 2. I believe Phil is taking a lot of grief from institutions who have initiated coverage while the PPS is stagnating at these ridiculous levels.
Personally though, I think this is more related to item 1, hostile takeover as you want your shareholders to understand how undervalued the stock is, so if a takeout offer comes around they aren’t so anxious to sell.
I think that might be my biggest worry at this point, being bought out before 2014 when we will fully realize the PPS potential.
LETS GO TO SINGAPORE !!!