Parallel Universe

[Tree]

Parallel Universe - Is it me or does this imply the goal is to sign EWC/Mitsui as partners rather than keeping EWCMitsui as one of competing options??

InterOil extends key deadlines

James McGrath Friday, 4 January 2013 INTEROIL has extended key dates on agreements signed with Mitsui and Energy World Corporation as part of its LNG project in PNG, as it continues to search for a “world-class operator”. InterOil's proposed LNG plant It told US regulators that it had extended the dates in the contingent LNG project agreements with Mitsui and Energy World Corporation to “provide flexibility for partner selection and final investment decision”. Mitsui is to sign an agreement with InterOil for a condensate stripping plant, while Energy World Corporation is to sign an agreement with InterOil for an LNG plant. Both agreements are conditional upon InterOil reaching the go-ahead for the project from the PNG government.  InterOil has been forced to alter its plans for the LNG project by the PNG government, which would prefer a “big name” come onto the project to operate a larger LNG plant than InterOil had originally planned. It and joint venture partner Liquid Niugini Gas had secured approval from the government for a 3.8Mtpa LNG plant, fed by gas from the Antelope and Elk fields. However, the pair still needs to complete an amended project agreement with the government and swing a deal with a partner the government approves of. Meanwhile, InterOil has hit the largest single hydrocarbon column to date at the Antelope field, with Antelope-3 tapping a 701m column. The well reached total depth on Christmas Day, and showed similar reefal reservoir characteristics to the offset Antelope-1 and Antelope-2 wells. The third well shares the same water contact with the previous two wells. The forward program is to run remaining wireline logs, before casing and suspending the well as a future producer.

[TxPm]

So basically all this article did was rehash the press release and add a slightly negative connotation...no add value

[Petrovale]

Added value is that IOC worked on Christmas day while others were eating turkey...

[TxPm]

Petro, very good point that is true. I get the impression most of the company has been working overtime lately which I'm glad to see. What I meant by No add value was this journalist added no real value outside of repeating the PR

[Palm]

These journalists seldom add value as they are trained to pretty much regurgitate with a little variation to make it look like it's "their" story.  Post Courier's report does the same thing:

"Antelope-3 drilling reaches greater depth

INTEROIL Corporation has announced that the Antelope-3 well reached total depth on December 25, and the wireline logging program is currently in progress.
Preliminary independent analysis of the wireline log results by Schlumberger demonstrated a carbonate reservoir (limestone and dolomite) with similar reefal reservoir character and quality as the offset Antelope-1 and Antelope-2 wells.
The Corporation said this is consistent with, and supplement the excellent results of its initial drill stem test.
Preliminary interpretation indicates that the Antelope-3 shares the same water contact with these wells at 2228 meters below sea level.
With the top of the reservoir encountered at 1624 meters measured depth in the well, equivalent to a true vertical depth of 1527 meters below sea level, this equates to a hydrocarbon column height of approximately 701 meters.
This represents the tallest vertical column encountered in the Antelope field to date.
The forward program is to complete the remaining wireline logging test program before suspending the well for recompletion as a future producer. Separately, InterOil announced that it has extend the dates in the contingent LNG project agreements with each of Mitsui & Co., Ltd. (Mitsui) and Energy World Corporation Limited
(EWC) to provide flexibility for partner selection and Final Investment Decision (FID).
The joint venture operating agreement and associated agreements with Mitsui for the proposed Condensate Stripping Plant (CSP) have also been amended to extend the time allowed for FID.
InterOil was notified on November 15, that the PNG Government has approved a proposal to build a 3.8 million tonnes per annum LNG plant in the Gulf Province.
The approval received from the NEC is in line with the proposals from the potential LNG partners.
Since then, InterOil has been working with the PNG Government to complete a modified LNG project agreement and to secure an internationally recognised operator of the proposed facilities, consistent with the NEC approval. InterOil expects that these actions will allow it to promptly complete the partnering process."

http://www.postcourier.com.pg/20130104/business01.htm

The thing to note is that we are getting almost no negative bashing articles out of these publications anymore.  There is likely still a mole or two leaking stuff back to the hedgies, but my guess is that O'Neill has told these publications that if they print the crap of the past, they will suffer the consequences.  The PNG government has more than once in the past cut off publications from getting important news and gone as far as to effectively shut them down at times.  Free press, but with limitations in PNG.

The PNGIndustry News article is a poor regurgitation IMHO.  In putting his own slant on things he makes some mistakes that are pretty elementary.  But it's better than using cloaked "industry sources" to report garbage/rubbish.