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InterOil Corporation Message Board

  • pickboone pickboone Aug 13, 2013 7:16 AM Flag

    Key earnings release takeaways - a bidding war?

    Potentially the most important statement in InterOil's press release is, "InterOil is in negotiation with ExxonMobil Papua New Guinea Ltd relating to PNG PRL 15, which includes the Elk and Antelope fields." Note that "exclusive" no longer precedes "negotiation", implying that despite the "advancing" (according to Exxon's conference call) negotiations between InterOil and Exxon, InterOil did not extend Exxon's exclusivity. The key question is whether another player(s) submitted a superior binding bid, providing InterOil with a strong alternative and placing it in the driver's seat to set even better terms with Exxon. Why else would InterOil have chosen not to extend exclusivity? It seems this may be the explanation for deal closure taking so long, and it would truly be a best case scenario for InterOil shareholders. It also would give Exxon added urgency in closing fast. Let's hope for more details on the call. We may have a bidding war on our hands!

    Also, InterOil's decision to terminate the CSP JVOA with Mitsui will not only reaffirm to the market InterOil's confidence in closing a deal with Exxon but also will lead to speculation that closure is expected before the first payment is due to Mitsui in at the end of this month.

    It's also exciting that exploration activities are about to resume.

    Sentiment: Strong Buy

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    • A bidding war is a distinct possibility. The guy who posted Exxon is at least considering a takeout has to be right. Does not mean they make an acquisition offer - but they could. It is clear Exxon wants more than IOC wants to sell...always a good thing

    • Your parsing of "exclusive" as applied to the XOM negotiations is not convincing but the most positive part of the CC for me was Hession's emphasis on focusing the activities of IOC and concentrating on doing what they do well i.e. exploration and drilling. It makes sense to pare down operations and set aside any grandiose plans of creating an LNG export facility while they are still cash starved and lack necessary infrastructure. Drilling in an area where there is road access will help with costs. More confirmation of Triceratops should restore some investor confidence in their exploration momentum. The CC was not a ravingly positive event but I thought useful in gaining insight into what sort of manager Hession is.

      Sentiment: Strong Buy

    • The fact that Pick's clearly incorrect post got 13 thumbs up, testifies to the meaninglessness of the thumbs process. Hession says still exclusive. Let's keep it real folks.

    • Did you not listen to the CC? Hession clearly said that it was still exclusive. Pick, you are getting sloppy. The rest just sounds like pumping. I am happy that drilling will resume, but would have been happier if it were sooner. Even November depends on them finding an available rig. More delays, hence the market does not share your rosy assessment.

    • First of all,

      I am not surprised by today's lack of announcements nor by the subsequent sell off. I have no intention of trading it.

      You make such Pollyanna leaps in logic with your posts and have absolutely no credibility left.

      You state IOC decided to terminate the CSP JVOA with Mitsui without one scintilla of evidence to back that up.
      How about, Mitsui decided it could not wait any longer and decided to terminate the agreement and get their money back.

      IOC decided not to extend their exclusivity with Exxon.

      You keep talking like IOC is the one with all the power here and it just makes me laugh.

      You have turned into an avatar of Ken who can actually speak in complete sentences.

      I can't wait for Inciderr's next cryptic rubbish post, which conveniently only Ken can decipher.

      We wait, which is the same thing we were doing yesterday.


    • Hession said exclusive negotiations with Exxon were continuing.

    • HEY PICK !!!! How do you like dem apples???? LOL GREAT NEWS !!!! WE CAN COVER IN THE $70's again. LOL

    • this #$%$ has filled the airwaves for #$%$ years!! enough and watch this drop like a rock today sub $70!

      Sentiment: Strong Sell

    • More Mental Masturbation by Pickboone......Back to the $70's today. IMO

    • Pick - while I appreciate the positivity and am one that always looks for the silver lining, I think you are grasping at straws here. I am bullish and will stay that way but there is nothing positive about the exclusion of the word exclusive.

      I am afraid this will make a lot of weaker (or more impatient) shareholder like RealityGerald sell and the PPS will drop. The PPS doesn't matter a ton now since we know the big annoucement is coming but it's still not fun to see.

      Sentiment: Strong Buy

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