Northern Trader

$40.25/share is the upfront cash payment. The CVR gets you an additional $6.05 per tcfe of 2C (proven plus probable) reserves at PRL15.

Ant-7 is going ahead. The CVR payment won't happen until summer 2017.



Right now, 2C third party estimates are already 9+ tcfe, meaning this is a $58/share deal. If Ant-7 is successful and they intersect reservoir, thus pushing the major sealing fault to the West , there could be up to 3 tcfe more to be had, or another $18/share, driving this deal up to $76/share.

In a sub-$50 crude oil environment and a $4/mmbtu Asian LNG spot price, I will take that deal any day.



This really isn't that bad of an opening salvo from OSH.

However, the door is now open and hungry Asian oil & gas companies will surely be looking at this deal.

Total will have to pay the certification payment IN FULL to any company that is successful in taking Interoil over. That payment just might be close to the $2.2 billion that OSH has just offered.

'MartiniStocks9756' pid='69560' datel Wrote:Probably need to read the fine print and ensure that it is a potential $76 deal. Someone said the CVR may be limited to 8.tcf. Is that true.

Not liminted Martini

BUT ... NOTHING for Bobcat, Raptor, Triceratops or other fields. We would get that later as 20% owner of OSH

HOWEVER >>> TOTAL is screwing both IOC and OSH shareholders.

They are saving BILLION$

I will vote NO

I want IOC shareholders to get 30% ownership of the merged company

I want the CVR to be 25% higher

["Right now, 2C third party estimates are already 9+ tcfe"]

Given the size of the CVR payment at elevated gas levels, a take-over attempt was always likely, and whatever his history, Phil was essentially right. Those that didn't trust Hession, more especially his lack of skin in the game and the way his incentives are aligned also have a point. IHMO.

• A 7.1Tcfe certification (presently the mid case number of an older Caffney Cline report) delivers a $594M payment at certification and $1.6B in total.
• A 9.9Tcfe certification (presently the mid case number of GLJ) delivers a $1.717M payment at certification and $2.8B in total.

'admin' pid='69566' dateline='<a href="tel:1463707 Wrote:

["Right now, 2C third party estimates are already 9+ tcfe"]

Given the size of the CVR payment at elevated gas levels, a take-over attempt was always likely, and whatever his history, Phil was essentially right. Those that didn't trust Hession, more especially his lack of skin in the game and the way his incentives are aligned also have a point. IHMO.

• A 7.1Tcfe certification (presently the mid case number of an older Caffney Cline report) delivers a $594M payment at certification and $1.6B in total.
• A 9.9Tcfe certification (presently the mid case number of GLJ) delivers a $1.717M payment at certification and $2.8B in total.

mid-case GLJ number is 10.2, fwiw. and gets us $1.824 at recertification from the Q1 2016 presentation

What about the FID and first cargo payments under TOT deal?  As someone said, need to read the fine print