"... 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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[/quote]

....PORT MORESBY, Papua New Guinea and SINGAPORE, March 25, 2014 /PRNewswire/ -- InterOil Corporation (NYSE: IOC; POMSoX: IOC) announced that it will hold a conference call to discuss closing of the revised sale and purchase agreement with Total SA covering the Elk-Antelope gas field in Petroleum Retention License 15 in Papua New Guinea. The conference call will be held on Wednesday, March 26, 2014, at 7:30 a.m. Central (8:30 a.m. Eastern) to discuss the details of the transaction.

The conference call can be heard through a live audio web cast on the company's website at www.interoil.com or accessed by dialing +1-612-332-0345.  A replay of the broadcast will be available soon afterwards on the website.....

'Putncalls' pid='39938' dateline='<a href="tel:1395806 Wrote:

'Tree' pid='39905' dateline='<a href="tel:1395795 Wrote:

'jft310' pid='39903' dateline='<a href="tel:1395794 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.

Not rude puts, it's fact

Not untrue puts, it's reality

'ArtM72' pid='39941' datel Wrote:

'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.

Art, the 35.5% is gross;  net from this Total deal is 27.5%, just a little less than the original agreement.  As of this morning's news release IOC is adding a little more from remaining IPIs.

'Palm' pid='39909' datel Wrote:"Joint venturers share objectives with PNG Government to monetise gas as quickly as possible." “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.” Obviously shows they are open to working with the government on both expansion and a standalone as we have been saying. They will all be working together to determine what "as quickly as possible end up meaning."

More color.

http://www.reuters.com/article/2014/03/26/papua-total-interoil-idUSL4N0MN1N920140326

Total seals deal for smaller stake in Papua New Guinea bloc

MELBOURNE, March 26 (Reuters) - Total has agreed to buy a 40 percent stake in Papua New Guinea's largest undeveloped gas field from InterOil Corp, in a revised deal announced on Wednesday, giving the French oil giant a smaller stake than first planned.

InterOil estimated it could receive between $1.62 billion and $3.5 billion all together from Total, depending on how large a reserve of gas is found in the fields.

The final stakes in the deal, which was first announced in December, were changed to reflect the acquisition by Oil Search of a 22.8 percent interest in the Elk and Antelope fields earlier this month.

Total will make an initial payment of $401 million for its 40.1 percent stake, down from a 61.3 percent stake.

A further $138 million will be due in two instalments when a final investment decision is made for an Elk-Antelope liquefied natural gas project and a first cargo is exported. Additional payments will be due based on the volume of gas discovered in the license area.

Once the reserves are certified, the project partners will have to decide whether to build a standalone LNG project, which Total and InterOil favour, or use the Elk and Antelope gas for an expansion of ExxonMobil's PNG LNG project, likely to be Oil Search's preferred option.

"We have a strong relationship with our joint venturers, strong support from the Papua New Guinea government, and we now look forward to leading development of the LNG project," Jean-Marie Guillermou, Total's exploration and production senior vice president Asia Pacific, said in a statement.

Oil Search owns a 29 percent stake in the rival $19 billion PNG LNG project, which is due to ship its first cargo around July.

Citi analysts estimated the rival projects could save $1 billion to $2 billion by not duplicating LNG infrastructure.

(Reporting by Sonali Paul; Editing by Michael Perry)

'Brew Swillis' pid='40014' datel Wrote:

'Palm' pid='39909' datel Wrote:"Joint venturers share objectives with PNG Government to monetise gas as quickly as possible." “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.” Obviously shows they are open to working with the government on both expansion and a standalone as we have been saying. They will all be working together to determine what "as quickly as possible end up meaning."

More color.

http://www.reuters.com/article/2014/03/26/papua-total-interoil-idUSL4N0MN1N920140326

Total seals deal for smaller stake in Papua New Guinea bloc

3:15am EDT

MELBOURNE, March 26 (Reuters) - Total has agreed to buy a 40 percent stake in Papua New Guinea's largest undeveloped gas field from InterOil Corp, in a revised deal announced on Wednesday, giving the French oil giant a smaller stake than first planned.

InterOil estimated it could receive between $1.62 billion and $3.5 billion all together from Total, depending on how large a reserve of gas is found in the fields.

The final stakes in the deal, which was first announced in December, were changed to reflect the acquisition by Oil Search of a 22.8 percent interest in the Elk and Antelope fields earlier this month.

Total will make an initial payment of $401 million for its 40.1 percent stake, down from a 61.3 percent stake.

A further $138 million will be due in two instalments when a final investment decision is made for an Elk-Antelope liquefied natural gas project and a first cargo is exported. Additional payments will be due based on the volume of gas discovered in the license area.

Once the reserves are certified, the project partners will have to decide whether to build a standalone LNG project, which Total and InterOil favour, or use the Elk and Antelope gas for an expansion of ExxonMobil's PNG LNG project, likely to be Oil Search's preferred option.

"We have a strong relationship with our joint venturers, strong support from the Papua New Guinea government, and we now look forward to leading development of the LNG project," Jean-Marie Guillermou, Total's exploration and production senior vice president Asia Pacific, said in a statement.

Oil Search owns a 29 percent stake in the rival $19 billion PNG LNG project, which is due to ship its first cargo around July.

Citi analysts estimated the rival projects could save $1 billion to $2 billion by not duplicating LNG infrastructure.

(Reporting by Sonali Paul; Editing by Michael Perry)

Hush your mouth Brews! There's been enough bloodshed.  Only makes sense though that partners want resources first proven up (they are doing now), then they will make that decision.  Ideally we get both and keep Kavo very very happy and PNG LNG gets built out quickly, which makes PNG Government very happy twice.  Seems Ant Deep is key and they are more than excited about that.  Me three.