My friends,

I posted this in another thread but then realized that it probably deserves it's own limelight.  To understand ownership percentages we need to look at this in 3 stages:

Stage 1 - IOC PRL 15 Sale to Total

• IOC is selling 61.3% of the resource to Total.
• IOC and IPI investors then own 38.7%
  
  • IOC buys out the IPI investors presumably for shares - this may be before or after the deal closes.
• This equals 100% of PRL 15

Stage 2 - Total brings in a new partner

• Total owns 42%
  
  • 61.3% - 19.3%
• New Partner owns 19.3%
• IOC owns 38.7%

This equals 100% of PRL 15

Stage 3 - Government comes in with their 22.5%

• Total owns 32.55
  
  • 42% - 22.5%
• New Partner owns 14.9575
  
  • 19.3% - 22.5%
• IOC owns 29.9925
  
  • 38.7% - 22.5%
• Government owns 22.5%

This equals 100% of PRL 15. I must also add the stock is an absolute screaming buy right now.

The Fat Lady will Sing Soooooooon

The ownership percentages have been run by a member of the executive team and have been 100% confirmed.  The two comments were:

• Stage 3 would be rounded numbers - 32.5%, 15%, 30%, 22.5%
• This is a possible outcome

My speculation:

• I take this to mean that the executive will not commit to these outcomes until, at a minimum, SPA's are signed for the new partner and government.
  
  • I wouldn't be surprised if the new partner is Oil Search.  They may have added a clause to their farm in agreement with Total that they get first right of refusal on any deal that Total signs on PNG.
• This may also mean that Total may allow IOC to come onboard as a partner in the license just north of PPL 237 where Tri extends into and is shared by TOT and OSH