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Msg  7310 of 13357  at  2/10/2011 1:17:18 PM  by

jft310


Wayne Andrews comments at IPAA break out session

jonleba yahoo poster, See comments about FLNG.
Palm, needed time to digest all that is going on this past week. After the Feb 3 IPAA IOC presentation met with Wayne Andrews. As expected Wayne would not give company secrets away but did answer questions as best he could. Q-Status of next drilling? A-Building 15 mile road for rig #3, Pads for Ant#3 and #4 built, do not know which well first, new data being studied, drilling last half 2011. My take IOC doesn't want to spend money at this time on development wells. Rig #2 start before end 2 quarter. My opinion Bwata West. Wayne stated as did Phil last April in NY we are chomping at the bit to do exploratory drilling again. Q-What about a 3rd rig? A-Definitely needed. Wayne would not respond to timeframe. But in his speaking about potential J.Vs and comments from other sources, if a J.V. is accomplished outside rigs would be brought in. Q-What about Napa Napa? A- Wayne went into detail about the benefits of putting all of Henry's ideas at Oreo Bay rather than Napa Napa, much cheaper and faster to production. Q-FlNG? A-We are still looking at deals. Q- What about EWC- Morgan Stanley funding? A- Wayne would not touch the subject. Q- Stock split? A- We had a discussion about hedge funds, stock movement, bashers etc. Wayne : IOC understands what it could mean, would not comment on timing. Opinion- Within a year. More to come shortly



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