pet:  "This is for both offshore and onshore. They have all of the license areas around IOC's PPL 237  and PPL238. It includes a few blocks inside our license areas i.e. our license area surrounds some of their blocks."

I'd say so.

Highlights from a Nasdaq article on Total/OSH.

'Tree' pid='10947' datel Wrote:

pet:  "This is for both offshore and onshore. They have all of the license areas around IOC's PPL 237  and PPL238. It includes a few blocks inside our license areas i.e. our license area surrounds some of their blocks."

I'd say so.

Highlights from a Nasdaq article on Total/OSH.

....."Total's interest reinforces views by rival oil companies such as Chevron Corp. (CVX) that demand in Asia for cleaner- burning fuels will continue to grow as countries like China look to reduce a reliance on burning coal for power. Several big discoveries in Papua New Guinea (*edit: All by IOC) and offshore Australia have made the region one of the hottest energy-investment plays in the world.

.....However, (LNG) new projects in the region would have to compete (*edit: production costs rule!) against the likely emergence of competing supplies from North America and East Africa.......

.......Papua New Guinea, located immediately to Australia's north and Indonesia's east, has an estimated 22.6 trillion cubic feet of natural gas reserves (edit: IOC controls 50%-75% of the 22.6Ts) , according to U.K.-based consultancy Wood Mackenzie, or the equivalent of the U.S.'s natural gas consumption in a year.

That likely underestimates its true potential as Papua New Guinea has only been lightly explored for oil and gasup to now. According to Canada's Talisman Energy Inc. (TLM), only a few thousand kilometers  of seismic data has been acquired throughout the country since its independence in 1975." (*edit: Have they ever heard of IOC's data room?).

Many of the onshore blocks are among those InterOil chose to surrender when InterOil was required to reduce their acreage in connection the the granting of PRL15.

In effect, they are InterOil rejects.

If they want the "good stuff", they need to BUY InterOil.

I'm all for a bidding war commencing right now.

VS

'Palm' pid='10953' datel Wrote:Not that it matters much, but I don't want people thinking that a granting of a PRL requires giving up license areas, since we will be seeking more PRL's in the future. The license areas IOC gave up that were obtained by OSH were given up when they did the last license extension request. Per the O&G Act a company must surrender a % of there license areas when they request an extension. I agree though that much of this could be scraps; probably some decent finds that OSH is used to (massive 150 columns Hohoho). Nice confirmation by Total that IOC has prime cut.

Yes, when we got our license extension we had to give up 50% of our holdings. I think they tried to give up those areas where we did not have prospects, the swamp along the coast and the mountains to the north and east. We did give up a small part of a few prospects. I think we might have recently discovered a couple more prospects for Oil Search/Total but I don't think I will tell them where they are.

'Palm' pid='10953' datel Wrote:Not that it matters much, but I don't want people thinking that a granting of a PRL requires giving up license areas, since we will be seeking more PRL's in the future. The license areas IOC gave up that were obtained by OSH were given up when they did the last license extension request. Per the O&G Act a company must surrender a % of their license areas when they request an extension. I agree though that much of this could be scraps; probably some decent finds that OSH is used to (massive 150 columns Hohoho). Nice confirmation by Total that IOC has prime cut.

Yes, Palm.  My bad on the PRL reference rather than the license extension event.

The areas given up are certainly not worthless, but IOC deemed them to be of RELATIVELY less value than those retained, based on evidence/analysis available at the time.

I was extremely happy when Total jumped in to partner with OilSearch.  Nothing bad can come of that for IOC.

VS

IOC should be up $10.00 on this Total news