Trigger Date

[2126]

If Antelope 6 is in the process of being plugged and abandoned (Per OSH today) as of 3/31/16, then the final testing of all of the current E/A appraisal wells has taken place, thus requiring Total to initiate the "trigger date" (Per the Total/IOC SPA) commencing the certification process, EXCEPT for the possibility of Antelope 7 being approved unanimously and drilled. My thoughts are that the JV partners are awaiting the OSH certification numbers in June to make their final decisions. If and when IOC or any other JV partner votes against A7, the trigger date will, in my opinion, be required to be called.

[jft310]

Makes sense . Per Oil Search their assessment is due in June within the time line Hession stated of a 7 yes or no in the second quarter of this year .

[davidhmtk]

Makes sense . Per Oil Search their assessment is due in June within the time line Hession stated of a 7 yes or no in the second quarter of this year .

There doesn't have to be a separate certification appraisal process for Total / IOC after the Oil Search appraisal comes in.  Total / IOC could just agree to accept it or agree on another number ( ie. incorporate 50% of the estimated additional gas from A7 ).

[Putncalls]

OSH wants the lowest estimate possible. IOC wants the biggest estimate possible. That would be like letting HRC in the hen house.

[davidhmtk]

OSH wants the lowest estimate possible. IOC wants the biggest estimate possible. That would be like letting HRC in the hen house.

OSH and Civelli have approximately the same deal as Total / IOC, both deals have each party appoint an appraiser from an approved list and the 2 appraisals are averaged.  Right?

[jft310]

To think Civelli doesn't want a large pile of cash is well short of the mark .