Since January 1, 2010, IOC has spent $464 million on its oil and gas properties. In that time, the company has drilled exactly 2 wells. In 2007-2009, the company spent less than half of that amount while actually drilling somewhat, completing 4 wells. So where is all the money going?
Probably zero. Similar to the signficant oil that this company supposedly found years ago and hyped for years before silently capping off the wells and sweeping the whole story under the rug hoping no one would bring it up.
If those gas resources were worth any amount above the companies market cap, they would have been monetized years ago.
We are past the point of this charade being laughable. Anyone paying attention is well aware of what is going on.
Consider the positives of being a person with a real job, and making an honest living, rather than just stealing money from them.
You are both wrong. That spending was not just for drilling or for just two wells, and the costs really are low relative to PNG and the resources. That's all the time and information you'll get from me on the subject, however. Do your own proper dd, or just keep distorting or lying, apparently thinking you're having some effect.
Sentiment: Strong Buy
That's actually more information that we usually get from you.. which is next to nothing. Your own statement here, shows your ignorance on this matter.
oil and gas-
How come anyone with a negative opinion is lying or distorting? I don't see you calling out that jackass Pickboone for lying and distorting about the deal's closure every few weeks since last summer.
Even if they spent money on seismic and some infrastructure, what do the really have to show for $11 million per month? I say not much.
Getitrt, that is one of the most classic tell posts I have ever read. Really. Again, if you are truly are a long-time investment manager, an MBA, a CPA, and an independent retail investor, you are seriously embarrassing yourself. This simply cannot be true. No way, no how...or you must have gone to night school or something.
It is almost laughable when someone posts something in response to hard and fast numbers (the $500 million are cash flows from investing activities, and over the precise period of time when just two wells were drilled. That is not up for debate, unless you think the company's financial reports are false or fraudulent), which clearly should raise an eyebrow or three, and instead of providing a single (read: one) data point or figure, you just say that we are wrong, and make some broad, unsubstantiated, and seemingly false statements.
First off, we AGREE that "the spending was not just for drilling or just two wells." That is the point of the post. We are suggesting there was leakage, misappropriation, or something else going on. Your statement actually supports this thesis...or it can be read that way. So, thank you. Secondly, your statement that the "costs really are low relative to PNG and the resources," is not only false, it is ridiculous. It is too bad that you are such a mental midget that you cannot substantiate a single thing you just wrote.
You are truly a liar, and a fraud...and whatever finance degrees or professional certifications you have, they should rescind them. Just my opinion, of course!
"That spending was not just for drilling or for just two wells, and the costs really are low relative to PNG and the resources. That's all the time and information you'll get from me on the subject, however."
Sentiment: Strong Sell
This is one of the key questions that goes to the heart of IOC. Even one were to presume that every penny was spent legitimately, how can longs claim that IOC's gas is "low cost"? As I have said before, I believe IOC's wells are, by far, the most costly onshore wells ever drilled. That would be the best story for longs....that the money was spent legitimately, and the wells are just extraordinarily expensive. Admittedly, that would be really mixed news, but at least there is no, you know...fraud, or misappropriation, or leakage, or whatever. The bad news is something else altogether. What is amazing is that not a single long, not a one, will even address this issue. Look at the cast of characters surrounding IOC. And then we have Phil M's still unexplained firing? This really should be a movie...
Will someone (a Long) please address this issue ?
You'd think it would be important to them.
The fact that longs here do not address this question makes me wonder if all these supposed "longs" are all ID's of people working out of that Interoil propaganda site in Singapore that we've heard about.
Sentiment: Strong Sell
Eric, don't you have better things to do than post constantly about the perils of owning IOC stock? Seriously, you're not making a bit of difference here. Your years of effort have made zero difference. My guess is you're just bored with life and this is your only social outlet. Kinda sad, but hey, whatever works right??
Ok, now go ahead and ridicule me.
No wonder the IPI Investors are just a tad miffed, HO HO HO HO
Now just where did all those hundreds of millions earmarked for drilling go to,,,, somewhere deep in the jungles of Papua New Guinea right,,,,,,
HO HO HO HO HO
Explains the lack of insider selling, to me.
This company wreaks of corruption.
Bonk hit it on the head as usual, the real risk for shorts is opportunity cost, not that a deal actually occurs, but that management successfully plays this string along game of hope and greed for a few more years.
Sentiment: Strong Sell