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Near term corporate goals:
Enter into an agreement with an LNG partner including a sale of interest in the Elk and Antelope
resource
File an application for a PRL (Petroleum Retention License) for Triceratops Development
Ramp up to two rig drilling program at Elk and Antelope and PPL237 with PRE.
Continue LNG pre-investment to drive the development timeline and reduce EPC contractor and
strategic LNG partner bid risks
Generate positive EBITDA from our operating businesses
PNG Cabinet Approved InterOil’s Gulf LNG Project
The InterOil Board of Directors has empowered management and advisors to swiftly bring forth the
best transaction to maximize value for our shareholders
InterOil, and the partner we select, plan to form a Joint Venture which will be aligned to bring an
LNG processing facility to Papua New Guinea of a nature and in a manner which will be
satisfactory to the State
With the incoming partner, the Joint Venture intends to finalize the development plan for the Gulf
LNG project and complete the proper documentation to move the Gulf LNG project forward.
The Gas Agreement with the PNG State, which superseeds our 2009 Project Agreement and
controls the project development, should be finalized with the LNG partner we select.
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Didn't see anything said about the development of the fish fields in the near term corporate goals. I presume that was an oversight.
I did notice this: "an initial resource estimate of the Triceratops field will be included
in our 2012 YE resource estimate. "
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Not near as much new info as I was hoping for. I do like a few things 1) continued sense of urgency in completing the SD which is mentioned throughout the presentation 2) Triceratops will be included in the 2011 resource estinates & company mentions several times estimate should increase 3) increased future drilling plan being actively discussed with PRE & DPE for Triceratops 3) A3 results looks good and appear to have removed doubt in the minds of at least one bidder
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I was surprised no questions at the end of the presentation.
Also, I was interested to hear they have applied for and received positive government feedback for modifying drilling schedule requirements for the fish fields. It makes some sense from the PNG standpoint...they can only grow the LNG business so fast and completing E/A and delineating 3tops should more than satisfy the needs of the government for local employment and intermediate term cash flow.
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02-14-2013, 01:14 AM
(This post was last modified: 02-14-2013, 01:17 AM by Palm.)
Do like this statement on slide 22 which confirms what we've heard:
"Although in the early stages of appraisal, an initial resource estimate of the Triceratops field will be included
in our 2012 YE resource estimate."
And also this on slide 37:
"Ramp up to two rig drilling program at Elk and Antelope and PPL237 with PRE." I believe this means 2 rigs at EA and 2 at PRE, which also confirms what has been heard.
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Tucker -
I'm sure you noticed it but page 18 of today's presentation shows a raw gas line going from B/T to E/A's CSP.
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I'm quite curious what GLJ will assign to T2. They haven't really hit the sweet spot there yet, but the column at T2 is large and so is the field, and then there are these liquids at the bottom. The P90 and P50 numbers will not be large, but the P10 number could be, which would give the upward potential.
Any takers here?
