Palm- a second LNG plant, Humm let's see think ONeil wants that ?. Or OSH wants the profit margins the new plant will offer?.

let the trumpets blow.

'Libtardius Maximus' pid='39913' dateline='<a href="tel:1395797 Wrote:IOC gets 212M less at closing, 39M less at FID and 35M less at first cargo. A 35% reduction across the board. Add all this up and it comes to 286M less and MI are taken out of PRL 15. Does anyone think that IOC could have taken out PacLng and IPI for 286M without dilution? I don't. It's all about as fast as possible definition at this point while we await the drilling news.

Lib excellent basic point BUT we also will receive lower certification dollars and I think that's a big number still . Or it's more than $286 . Exact number unknown . But there is no way your basic point isn't valid!!!

(03-26-2014, 10:59 AM)Getitrt2 Wrote: What about Exxon and PNG LNG and the PNG LNG expansion OSH and the government were going to demand and orchestrate like "puppet masters"??? Sounds so far like exactly what I have been predicting, while being subjected to a great deal of criticism, harrassment, and condescension by some parties. With the deal CLOSED on March 25, 2014, any of you whining, bashing skeptics of our supposedly new "incompetent" CEO and management team think you'll perhaps in the future have a little more faith and confidence, or at least provide a little more benefit of the doubt before being so quick to pile on, and pay more attention to what they say. We'll see how the appraisals, exploration, certifications, and FEED proceed, and then how we proceed from there. JOINT news release. How about that. Surprise!!!

Getitrt...this isn't about that, with respect, this is about we shareholders getting a good deal.  This board isn;t about ego, or who is always right and wrong, it is a discussion thread and a very good resource for a shareholder such as myself.  It looks like they have accomplished something special here.  If I am reading the release correctly, IOC maintains the right to sell a portion to Exxon.  That could be the next phase of this unfolding saga.  I am very interested to hear the explanation in the conference call.  Be on point Dr. Hession!

Good luck longs

'jft310' pid='39914' dateline='<a href="tel:1395798 Wrote:

'Libtardius Maximus' pid='39913' dateline='<a href="tel:1395797 Wrote:IOC gets 212M less at closing, 39M less at FID and 35M less at first cargo. A 35% reduction across the board. Add all this up and it comes to 286M less and MI are taken out of PRL 15. Does anyone think that IOC could have taken out PacLng and IPI for 286M without dilution? I don't. It's all about as fast as possible definition at this point while we await the drilling news.

Lib excellent basic point BUT we also will receive lower certification dollars and I think that's a big number still . Or it's more than $286 . Exact number unknown . But there is no way your basic point isn't valid!!!

I think the market has somewhat been expecting this net type deal from the time Total put out its PR stating that they and IOC agreed a 19.3% strategic partner was a possibility and they presented lower proportional amounts for the upfront money etc. It will be interesting to see where pps goes tomorrow considering we likely get some updated coverage from MS and RJ and hopefully Macquarie. Do we get initiated by anyone else? We won't shoot to the moon with this, but it will get us started on a nice steady climb. And then drilling updates keep us going as long as we have even moderate success.

'jft310' pid='39914' datel Wrote:

'Libtardius Maximus' pid='39913' dateline='<a href="tel:1395797 Wrote:IOC gets 212M less at closing, 39M less at FID and 35M less at first cargo. A 35% reduction across the board. Add all this up and it comes to 286M less and MI are taken out of PRL 15. Does anyone think that IOC could have taken out PacLng and IPI for 286M without dilution? I don't. It's all about as fast as possible definition at this point while we await the drilling news.

Lib excellent basic point BUT we also will receive lower certification dollars and I think that's a big number still . Or it's more than $286 . Exact number unknown . But there is no way your basic point isn't valid!!!

At first sight it looks like everything will be pro-ratad down. IOC's (net) stake will be 27.5%, not 30%. That's 8.3% less, perhaps that the variable payments and the bonus discovery payments will decline with the same 8.3%, or something along that order.

Not the 10M+ new shares I feared though..

'Tree' pid='39905' datel Wrote:

'jft310' pid='39903' datel Wrote:

As I said a 5th grader could figure it out

"InterOil retains 35.5% of the licence"

And our MB 3rd graders had it figured out that IOC would retain ~11%.

Too funny, again.

Rude and untrue statement Tree.

'Libtardius Maximus' pid='39913' datel Wrote:IOC gets 212M less at closing, 39M less at FID and 35M less at first cargo. A 35% reduction across the board. Add all this up and it comes to 286M less and MI are taken out of PRL 15. Does anyone think that IOC could have taken out PacLng and IPI for 286M without dilution? I don't. It's all about as fast as possible definition at this point while we await the drilling news.

I'm too lazy tonight to run the numbers (and there may be other considerations involved to be released tomorrow that would make any calculation tonight inaccurate), but IOC shareholders lost little if anything in the reduced payments simply because IOC never owned IPI's interest in E/A.  The amount paid to IOC owners may be reduced but we won't have to share any of that money with IPI owners.  Also don't forget, OSH is on the same hook IPI owners were with respect to helping IOC finance additional wells.

My big takeaway tonight will be the 35.5%.  The greatest potential for disaster would have been for IOC to end up with less than 15%.  Tonight we find IOC holding more than the original deal prescribed.  Sweet dreams.

'Palm' pid='39902' datel Wrote:InterOil and Total Close Elk-Antelope Transaction March 26, 2014 Revised sales and purchase agreement closes Total acquires 40.1% gross interest and brings its global expertise to developing PNG’s second LNG project InterOil receives US$401 million and maintains material 35.5% gross interest in one of Asia’s largest gas fields Joint venturers share objectives with PNG Government to monetise gas as quickly as possible Click here to download the complete report Back to News and Press Releases Port Moresby and Singapore — InterOil Corporation (NYSE: IOC) (POMSoX: IOC) and Total SA (Paris: FP, NYSE: TOT) have closed a revised sales and purchase agreement covering the Elk-Antelope gas field in Petroleum Retention Licence 15 in Papua New Guinea. Under the revised agreement signed today, Total has acquired – through the purchase of all shares in a wholly owned InterOil subsidiary – a gross 40.1% interest in PRL 15. InterOil retains 35.5% of the licence and immediately receives US$401 million for closing the transaction, and will receive US$73 million on a final investment decision for an Elk-Antelope LNG project, and US$65 million on the first LNG cargo. InterOil will also receive payments for certified gas volumes following appraisal of Elk-Antelope. All fixed and variable payments that were agreed on December 6, 2013 continue to apply pro-rated according to the new equity split, including those for exploration, appraisal and resource certification. Dr. Michael Hession, InterOil Corporation Chief Executive Officer, commented, “The agreement enabled InterOil to maintain a material interest in PRL 15, which covers one of Asia’s largest gas discoveries of the past 20 years. The agreement clears the way for co-operative joint venturers, who all share the Government’s wish to monetise Elk- Antelope as quickly as possible, through the fast-growing Asian market. InterOil now has a solid partnership where Total can use its considerable LNG expertise to develop Papua New Guinea’s second LNG project.” Jean-Marie Guillermou, Total Exploration and Production Senior Vice President Asia Pacific commented, “The agreement allowed the joint venture to proceed with confidence. Elk-Antelope is a significant project in Total’s global portfolio and our presence in Papua New Guinea provides an ideal opportunity to grow our business in the Asia-Pacific region. We have a strong relationship with our joint venturers, strong support from the Papua New Guinea Government, and we now look forward to leading the development of the LNG project.” Other joint venturers in PRL 15 are Oil Search Limited (ASX, POMSoX: OSH), which has 22.8% (gross) as a result of its acquisition of interests held by Pacific LNG Group Companies, and indirect participating interests, which hold 1.6% (gross). About InterOil Corporation InterOil Corporation is an independent oil and gas business with a primary focus on Papua New Guinea. InterOil’s assets include one of Asia’s largest undeveloped gas fields, Elk-Antelope, in the Gulf Province, exploration licences covering about 16,000sqkm, Papua New Guinea’s only oil refinery, and retail and commercial petroleum distribution facilities throughout the country. The company employs more than 1100 people and has its main offices in Singapore and Port Moresby. InterOil is listed on the New York and Port Moresby stock exchanges. About Total Corporation Total is one of the largest integrated oil and gas companies in the world, with activities in more than 130 countries. The Group is also a first rank player in chemicals. Its 97,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, new energies, trading and chemicals. Total is working to help satisfy the global demand for energy, both today and tomorrow. Total is a world leader in LNG, with strong and diversified positions along the entire value chain and 12.3 million tons of LNG sold in 2013. Total is active in most of the major LNG producing regions as well as in the main LNG markets and continues to develop LNG as a key component of its growth strategy. The Group is involved in LNG projects in Indonesia, Qatar, the United Arab Emirates, Oman, Nigeria, Norway, Russia, Yemen, Angola and Australia. www.total.com Forward Looking Statements This announcement includes “forward-looking statements” as defined in United States federal and Canadian securities laws. All statements, other than statements of historical facts, included in this announcement that address activities, events or developments that InterOil expects, believes or anticipates will or may occur in the future are forward-looking statements, including in particular, the timing of the receipt of funds under the Total transaction and the timing or certainty of the proposed development of the Elk-Antelope resource. These statements are based on our current beliefs as well as assumptions made by, and information currently available to us. No assurances can be given however, that these events will occur. Actual results could differ, and the difference may be material and adverse to the Company and its shareholders. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause our actual results to differ materially from those implied or expressed by the forward-looking statements. Some of these factors include the risk factors discussed in the Company’s filings with the Securities and Exchange Commission and on SEDAR, including but not limited to those in the Company’s Annual Report for the year ended 31 December 2012 on Form 40-F and its Annual Information Form for the year ended 31 December 2012. In particular, there is no established market for natural gas or gas condensate in Papua New Guinea and no guarantee that gas or gas condensate from the Elk and Antelope and Triceratops fields will ultimately be able to be extracted and sold commercially. Disclosure Investors are urged to consider closely the disclosure in the Company’s Form 40-F, available from us on our Financial Reports page or from the SEC at www.sec.gov and its and its Annual Information Form available on SEDAR at www.sedar.com.

"... and we now look forward to leading the develpment of the LNG project"

Gosh, my last 6th grade lesson mention was all about exploration and appraisal.

That's enough.  I am walking down to the 3rd grade classroom.  Better lessons to learned there.

Toot TOT

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