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+--- Thread: Disbanding Petromin (/showthread.php?tid=3358)
Disbanding Petromin - Relker - 04-14-2013
To me it would be logical to create a sovereign wealth fund which invests in other companies. In Norway you see that the sovereign wealth funds owns approx 60% of Statoil. PNG is entitled to 22.5% of the main asset of Interoil. So, I could imagine that the new fund gets 22.5% of the shares of Interoil in exchange for the assets. Interoil is 100% PNG oriented with a strong position in the retail business. Interoil is very well equiped to improve the infrastructure. So, Interoil is of strategic importance for PNG.
Interoil can use the shelf offering for the extra shares next to a share buyback financed by the upfront cash payment of the SD-partner.
RE: Disbanding Petromin - jft310 - 04-14-2013
Whose to say that PRL 15 will stay the main asset of IOC. We have 3.9 million acres to explore. There is oil somewhere. Some say Triceratops is larger in quantity than E/A. Therefore I can't see the logic of your idea being reality. The shelf offering is a possible debt offering to bridge into when IOC gets the pile of cash from the sell down. Phil M is very frugal with shares and he wouldn't approve giving away 22.5% of Interoil in my opinion without talking to him. Others may agree with your thoughts.
RE: Disbanding Petromin - sageo - 04-15-2013
Relker & jft - Thank you for your posts. It is pleasant to read thoughtful posts without criticism . I believe it shows the goodness of a person when we can have disagreement without being disrespectful. ( rule #1 ...Respect ) Enjoyed your thoughts concerning our ongoing situation .
RE: Disbanding Petromin - sageo - 04-15-2013
'sageo' pid='20727' datel Wrote:P.S.- Relker-You are right about Statoil. Have held some for years.Relker & jft - Thank you for your posts. It is pleasant to read thoughtful posts without criticism . I believe it shows the goodness of a person when we can have disagreement without being disrespectful. ( rule #1 ...Respect ) Enjoyed your thoughts concerning our ongoing situation .
RE: Disbanding Petromin - dorr9352 - 04-15-2013
Good point Relker and I get the gest of what you are saying here. As JFT also mentioned, that PNG is entitled to 22.5% of PRL15 assets. Dependending on how PNG creates revenue from those assets, if in this case creates a fund to invest in other investments with the cash value, IOC would hopefully have the first option to purchase that back from PNG, and secondly have weight or say so in whom it would be marketed too. Recipricating the same working relationship IOC is currently in with selecting a partner and PNG also approving the selection.
RE: Disbanding Petromin - Relker - 04-15-2013
'jft310' pid='20720' datel Wrote:Whose to say that PRL 15 will stay the main asset of IOC. We have 3.9 million acres to explore. There is oil somewhere. Some say Triceratops is larger in quantity than E/A. Therefore I can't see the logic of your idea being reality. The shelf offering is a possible debt offering to bridge into when IOC gets the pile of cash from the sell down. Phil M is very frugal with shares and he wouldn't approve giving away 22.5% of Interoil in my opinion without talking to him. Others may agree with your thoughts.
RE: Disbanding Petromin - Relker - 04-15-2013
It is my understanding that PNG also gets 22.5% of Tricerops.
RE: Disbanding Petromin - Tree - 04-15-2013
'Relker' pid='20766' datel Wrote:It is my understanding that PNG also gets 22.5% of Tricerops.
PNG will always have the right to buy into a minimum 22.5% stake in all developments on island. The option to participate up to 50% has been around for a few years and the Gov't will have that option also in every project on island. PNG also is developing a SWF and has been for 18 mos. or so.