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+--- Thread: Reminder of Peter O'Neill's Desires (/showthread.php?tid=6156)
Reminder of Peter O'Neill's Desires - cybersssss - 03-11-2014
To me it seems that Prime Minister O'Neill much prefers that the IOC gas goes to PNG LNG. As seen in this video, please listen to his words about when IOC and XOM were thought to partner. https://www.youtube.com/watch?v=Bx_evlcjvZQ
He specifically says that partnering with Exxon will give the country a huge opportunity of getting the gas to market earlier by sending this gas to PNG LNG. PM Oneill is in complete control of the DPE and the government at this point and at least until 2015. It seems that he was the gas to be processed faster and this is heard directly from his remarks in the above video back in May. The best way to get gas to PNG LNG for train 3+ is to partner with Oil Search and partner with XOM. Where does that leave Total??? I cannot answer that, but it seems to me that everyhing is headed in one direction.
Interesting times ahead in the next few weeks
Where is our EOY CC?
RE: Reminder of Peter O'Neill's Desires - johnwgrant - 03-11-2014
Cybersssss,
When I asked WA last week about the year-end conference call, he stated that they have until the end of March. I took that to mean that InterOil would not announce the date of the conference call until one of 2 things happens:
1) InterOil has some specific news regarding Total and/or Oil Search to announce (kill both 'birds' with the same stone -- ahem -- conference call), or,
2) the end of the month was about to slap them up the side of the head (ie, they were up against the 3/31/14 deadline and forced to announce a 3/31/14 conference call)!
I am rooting for #1
However, I think that the first domino to fall will need to be Oil Search closing their purchase of the PAC-LNG interest in Elk-Antelope. Only then, can InterOil and Total finalize their agreement in light of the changed facts regarding ownership interests. It will also be an opportunity for Total to "waive" their requirement for any smallish IPI interest(s) that are not closed out yet.
JMH thoughts...
RE: Reminder of Peter O'Neill's Desires - Getitrt2 - 03-12-2014
cybers, May of 2013 is past history and irrelevant at this point with respect to that. If you do some further research, you will find that the PM was just as enthusiastic, perhaps moreso, about the agreement for Total to enter PNG in a bigger way and build a second LNG project. You may want to read my comments on the subject elsewhere. I agree about everything heading in one direction, but not about the direction. I could be wrong, of course, but I don't think so.
RE: Reminder of Peter O'Neill's Desires - jft310 - 03-12-2014
My opinion is 12 months from now we will see both Super Majors involved with Interoil. Two rigs so far doin their thing.
RE: Reminder of Peter O'Neill's Desires - cybersssss - 03-12-2014
We will obviously find out shortly where we stand and with whom. I do like where we sit now regarding valuation in terms of our upside potential. Not only that, but we have 2 rigs drilling now and a third in the next few weeks apparently.
However, there have been multiple comments about quicker FID and quicker monetization. That is why I pointed out Oneill's comments in the video. Specifically he says that directing gas to PNG LNG will allow for quicker monetization. He says that this will be beneficial for the country to triple the economy quicker. I do not see how a greenfield expansion at the Gulf will get us any cash flow in under 5-6 years. In fact, there is no possible way really.
Interesting few weeks ahead.
RE: Reminder of Peter O'Neill's Desires - Getitrt2 - 03-12-2014
cybers, cash is cash. What about the cash from Total at closing (hundreds of millions) and at re-certification probably next year in the billions of dollars. You don't call that cash flow?! It's even tax-free!!
They can have and do both, with gas for Exxon coming from sources other than PRL 15, as Hession has indicated, AND a bigger impact on the PNG economy from construction of both. The world (and especially PNG) has changed since May of 2013.
RE: Reminder of Peter O'Neill's Desires - jdeo1969 - 03-12-2014
Many potential outcomes here, but we (ioc shareholders) need to get paid. The sequestration of our CEO is starting to annoy me. I feel like I'm guessing at what the H is going on here and I don't like it. I understand there are many moving parts in this, but its about time the CEO tells us what we are doing. I say that knowing all of these moving parts are most likely very good, but I want to know what is up like everyone else here. If you say you don't you are lying. That's a general comment, not specific to anyone at all. I think the burning question here is simple. Where does the total deal stand?
Good luck longs
RE: Reminder of Peter O'Neill's Desires - ebster123 - 03-12-2014
Jdeo, I certainly can respect your frustration. However, when I compare the days of Phil with regular comments that never came to be with MH and under promise and over deliver and not speak unless it is material I prefer the latter. I am comfortable right now. We have heard about the spudding wells, we have heard about the Oilsearch and a Total desks and waiting for finalization. O'Neil is moving forward. Oil search seems happy, total seems happy, XOM will be happy if they can get some of our gas for train 3. If all are happy then there seems to be less hostility and risk for IOC. So I would like to hear about final deals, oil spouting from the rigs and the rest but for now I am content....really, no lie!!
RE: Reminder of Peter O'Neill's Desires - cybersssss - 03-12-2014
I received the press release this morning that the issuance of shares to the PNG government has been complete and the PAC LNG deal will close this week.