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+--- Thread: O'Neil and Interoil (/showthread.php?tid=3075)
O'Neil and Interoil - jft310 - 03-18-2013
O'Neil seems focused on helping IOC get the right deal for all . He is meeting with the Thais and Japanese maybe on the sameday and then we heat about CNOOC returning to PNG . Remember the PNG govt did the final partner picking for Oil Search. They Oil Search got the bids and the govt chose Exxon . To me history repeats IOC has the bids and O 'Neil is deciding. The who and making sure the terms are right for its NG .
RE: O'Neil and Interoil - jft310 - 03-18-2013
Of course O'Neils visits are tied to IOC I was told. There are no new bidders just the 4 plus from Feb 28th.
I was also told this that the three IBers would not be there if there was not a good deal worthy of their time and they have stayed because the assets are also there.
RE: O'Neil and Interoil - johnwgrant - 03-18-2013
Does this imply that JKM has the "inside" track ?
Clearly, JKM could bid the highest (since they are nearest to the end-user).
Maybe O'Neill needs assurance of some kind that they have the backing at the government level ?!?!...
RE: O'Neil and Interoil - TxPm - 03-18-2013
JFT one major difference btw IOC & OSH though is that PNG is the largest shareholder of OSH if I'm not mistaken and they own 0 shares of IOC. I'm sure PNG will have a big say in the process but I don't think it would be in the shareholders best interest, which is who he company should be representing, to let the PNG Govt and not the BOD/Mgmt have the truly Final vote. With that being said I do believe O'Neil is on our side an that he may be trying to "feel out" some of the bidders in order for him to give his opinion
RE: O'Neil and Interoil - cybersssss - 03-18-2013
I find it very hard to believe that the visit to Japan is primarily concerning Interoil and "the deal." As it was said by the company, the bidders have been pre-approved so there really is no "feeling out." The company needs to decide which is the best deal for them. The government should have no say as to who they choose once the conditions they set forth are met. Bidders being preapproved implies to me that the condiitons have been met with these bidders.
Strenghtening relations between the PNG government and Japan can only help us but I think it will have zero impact on who is chosen by the BOD. This is just a side show in my opinion.
RE: O'Neil and Interoil - johnwgrant - 03-18-2013
So, what do you think is the holdup for InterOil to announce the successful bidder ?
RE: O'Neil and Interoil - SamAdams - 03-19-2013
I agree TxPm. This final decision belongs to the BoD. The govt. got their say when they pre-approved the bidders. The final approval is still to come, but that is simply to ensure the PA was adhered to.
These visits will most likely include talk of IOC and PNG's resources, but the visits are more likely just coincidental - though the timing is interesting.
RE: O'Neil and Interoil - cybersssss - 03-19-2013
I don't think there is any hold up. This is a big deal with lots of money involved and lawyers involved. Its been a couple weeks since the bids were due and the apparent BOD meeting in Hawaii was last weekend where they would have presumably chosen the winning bid. I believe that they will announce the winner once the paperwork is signed by all parties. I do not think it will be long but to be done 5 days after a bid was chosen is asking a bit much.
RE: O'Neil and Interoil - TxPm - 03-19-2013
In my opinion there is no hold up this process just takes time. We are talking about a multi-billion dollar multi-decade long partnership. We aren't talking about just an asset sale. The company said the BOD would select a partner in March. We still have two more weeks of March. If you truly believe in even the mid term outlook of the company then on days like today you should simply be buying more and thanking the market l.
RE: O'Neil and Interoil - TxPm - 03-19-2013
Cyber you beat me to it and took the words right out of my mouth