Duma/PNG cannot and will not allow IPI to hold TOT/IOC deal hostage.  IOC has had the 'sell or lose' ultimatum from Duma a couple of times, why wouldn't he have the same dictate to Civelli and the minor IPI?

Hession stated in Nov CC that IOC had Gov't assurance of license renewals.  Does IPI have the same assurance or will/has Duma threatened to not renew their stakes at end of March when licenses expire and get re-issued?

Gov't gets their way and Gov't does not want random private investors with a stake in their 2nd national LNG project.

Meanwhile TOT is negotiating win unnamed entity for a 5% stake and IOC is reported to be in informal talks with Woodside for a stake.

Licenses will be re-issued with IOC and new partners names, the Gov't, landowners and not IPI or Pac LNG.

I agree, but to my point, I don't think any of us saw IPI being even a minor issue.  Neither did MH.  But if you bring it up yours a short, having a bad day etc...  I really don't take any of that personally and try to stay on point.    So for a stock like IOC, it becomes a show me story.  And despite the great deal MH signed, he made enough small mistakes to diminish it in the eyes of many, at least in the short term and obviously in error, but again a company with not a lot of credibility built up.  So I'm not saying you, but the over the top bullishness at times and refusal to deal with what is happening and happened can be more frustrating than the price decline.  And even though I agree with your asessment, we really don't know for sure either.

Good grief Sam, you really don't think outside the box and stereotype others with your own personal circumstances. This deal is outstanding to me and let me explain why:

• I heavily invested in IOC in mid 2008 just before the market crash (and lost 66% in 11days btw).
• I doubled down a couple days after ant 1 hit
• All the money I invested, if lost would significantly set back my retirement, however would not change my lifestyle.
• None of my investment is margined and is only stock based (couple thousand in some options)
• I am personally invested and do not have to report to clients or a portfolio manager.
• I am 40.

Now in 2008/early 2009 I was quite nervous wondering if the world market was the second coming of Godzilla. After the pps stabilized, my last big risk was getting the gas to market. For 4 long years,  it was always JUST out of reach.

Now that risk is GONE. Will the closing of the deal go beyond Mar 31st, maybe.  Will there be cost overruns, most likely.  Will timeliness slip, of course. Will the pps rise and then sharply plummet losing 40% in 2 days - I almost guarantee it.  But you know what the gas will get to market (you are crazy if you think the ipi's will block this) and 13 bucks an M on 30% ownership over a few decades sounds pretty damn fine to me.

I get, that for some, waiting isn't an option and I get that a lot of people lost a chit load on the pps crash and I get that a lot of people are upset.   I feel for yah, I was there at the end of 2008, and all I can say is there is now a ever growing light at the end of the tunnel.

I don't care what the pps is next week or in 6 months and I get super excited about future drilling and how big this super field will end up being.   So for me and my wife, this deal is out-fahking-standing, so you will have to forgive me if I don't live in your glass half empty world.

ps - why is every one assuming that the delay in ipi closure is because of IOC and the ipi's? Maybe it is because Total is finding a buyer for the ipi's  interest. Maybe it is because IOC wants to announce the deal closure with total, the new partner(s) and ipi buyout in one shot to avoid the press release disaster in Dec. Maybe it is because IOC wants to announce after the prl/pdl/ppl documentation is updated.  Or maybe because of 5 other reasons.

pss - a month or so back Total verbally informed IOC they would waive the ipi closure as a reqirement for closing the sell down deal - which doesn't mean the ipi interest won't be closed when the sell down is closed.

psss - the olympics and the olympic experience is very very cool

Once again you prove my point.  If you don't see it you should step outside your own box once in awhile.  Good grief is right.

'ebster123' pid='37430' datel Wrote:"Duma/PNG cannot and will not allow IPI to hold TOT/IOC deal hostage.". If they want, Civelli and the crew (all be it and I agree stupid) COULD say screw you guys, I'm going home. One should not be one sided, things have not panned out as planned so far so would be careful how I state it!!!

Eb,

With your logic, Civelli can extract $7/M from IOC/TOT or else 'they go home'.

If Civeili and IPI 'go home' their ownership right to licenses simply get expunged.  Gov't grants and takes away licenses.  IPI cannot screw IOC/TOT/PNG by not playing ball.

IPI ownership of an LNG project stake is not a possibility.  Gov't won't allow that, it's too risky.  Look at every on island large project and every LNG project worldwide and you will not find private owners as stakeholders.  IPI's role was to fund exploration with goal to sell the resource and receive an appropriate return.  IPI role was not and cannot include a rollover into an LNG project ownership stake.

IPI can sell out or have their stakes in PRL15 removed.