MITSUI reported out on CSP -

[cybersssss]

I am of the opposing view TX. This is a positive to me and tells me that things have progressed. Mitsui being out shows that the bidding and partner selection is moving along. JKM was a front runner for a while and they are able to offer more as they are an end user. Bids seem to have gone up considerably and looks to be that a SM is the main contender.

[Palm]

Back in March when pressed on how the selldown process was proceeding Collin stated that the government would be making the final decision on the commercialization of the project based on the proposals by bidders.  Then the issue of Mitsui's involvement and continuing interest was brought up.  The last sentence here is a "tell" IMHO that the government has at least decided that what JKM is proposing is not a fit, and at most means that they have made their decision on whose commercialization plan they want to go with:

“The development decision will be recommended by the strategic partner and the PNG government will decide and approve the best commercialisation approach.”

The new partner’s recommendation will relate to developing an initial 3.8 million tonnes per annum LNG plant for the project.

This change from the original plans for 7.6-10.6Mtpa capacity was flagged months ago and Visaggio said InterOil was holding discussions with the government over amendments to the 2009 project agreement.

There are other loose ends as Mitsui Group has lent almost $US12 million to InterOil for their long-running condensate stripping project based on Elk-Antelope.

“Mitsui are currently working with us on the condensate stripping facilities required for the Gulf LNG Project and awaiting the partner outcome,” Visaggio said.

So it seems we at some sort of decision point in this "saga".

[jft310]

The only way this happens is if they have a partner in mind at a higher price than the low baller JKM. Not to say the JKM group can't have offtakes. I would bet a bundle JKM get some offtakes. Mitsui has some chemical needs and J-K want LNG . I go back to the newspaper leaks Shell mentioned several places. Are they the winner?? Several reporters wrote stories they think so. Are they right ?????Shell certainly needs this project. Will they pay enough??

[TxPm]

cyber, perhaps I didn't clarify my position correctly. I also view this as a very strong positive (see my post above). The only thing I see negative about this announcement is that I believe it will be a temporarily set back in the pps of the stock due to the shorts using is as no deal ammo. GLTA today and tomorrow should provide a tremendous amount of insight

[Stavros]

This is 100% totally a non-event.

All Bidders are in the game for the whole shooting match ... they all want control from well head to LNG distribution/ sales and everything in between.

Mitsiu was never gonna be in the mix if JKM didn't become the Sell Down partner.

EOM

[Getitrt2]

Stavros, what's with the EOM? Are you predicting an announcement at the End Of Month?

I guess JKM could still win the deal with a different arrangement on the CSPs with Mitsui. Are you saying you think JKM is out?

[Stavros]

I think Shell is in.

EOM = End of Message --- this is what I meant

EOM = End of Month --- also appropriate

Other options:

EOM = Electro-optic modulator, an optical device
EOM = Equation of motion, physical equations that describe the behaviour of a system
EOM = Extraocular muscles, the muscles that control the movements of the eye
EOM = Ensemble Optimization Method, used to model flexible macromolecules with small-angle X-ray scattering

[Gator]

The portion of funding that relates to Mitsui’s share of the Condensate Stripping Project as at December 31,
2012, amounting to approximately $13.5 million, is held in current liabilities as the agreement requires refund of
all funds advanced by Mitsui under the preliminary financing agreement if a positive FID is not reached. The
portion of funding that relates to our share of the Condensate Stripping Project (amounting to $11.9 million),
funded by Mitsui, is classed as an unsecured loan and interest accrues daily based on LIBOR plus a margin of
6%. During the year ended December 31, 2012 the weighted average interest rate was 6.24%.

[ltinvest]

I think Shell is in. EOM = End of Message --- this is what I meant EOM = End of Month --- also appropriate Other options: EOM = Electro-optic modulator, an optical device EOM = Equation of motion, physical equations that describe the behaviour of a system EOM = Extraocular muscles, the muscles that control the movements of the eye EOM = Ensemble Optimization Method, used to model flexible macromolecules with small-angle X-ray scattering

I simply thought it was End Of Mitsui.

[admin]

I think Shell is in. EOM = End of Message --- this is what I meant EOM = End of Month --- also appropriate Other options: EOM = Electro-optic modulator, an optical device EOM = Equation of motion, physical equations that describe the behaviour of a system EOM = Extraocular muscles, the muscles that control the movements of the eye EOM = Ensemble Optimization Method, used to model flexible macromolecules with small-angle X-ray scattering

LOL Stavros!