Summary of dreams about why it could be taking so long:

[petrengr1]

1. Agreements have to made between Exxon and Oil Search, Santos, Nippon and PNG Govt. entities as to how IOC is going to be allowed into the project. Will each partner reduce their ownership share in order to allow IOC to have a share or will they be paid a toll to allow IOC to use their facilities?

2. PNGLNG partners that own a share of trains 3 and 4 will have to be able to finance their share of capital costs. Will the Exxon portion of Elk/Antelope be split between all of the PNGLNG partners so that they will all become our Farm-in partners? If so the new partners will have to finance their share of future development cost and pay for their share of sunk costs in PRL-15. Does Oil Search have the money?

3. Other license areas may be in play. We need a farm-in partner in PPL 238 and PPL 236 and possibly another partner in PPL 237. Is Exxon interested in being that partner in all areas?

4. If we are working on Farm-in Agreements on all license areas, the new Partner may require a new 5 year license from the Government before signing. That might extend the time required to finalize the agreement.

5. IOC could be considering Farm-in bids from other Companies. I believe the exclusive discussions with Exxon prevent IOC from soliciting bids from others but it does not prevent others from submitting bids.

6. Is it possible that someone has made an “informal” or verbal offer for the Company?

Others?

[Tree]

7. Could just be it isn't taking 'too long' and in reality the finalization of detail, unfathomable to us on outside, is being pressed in record time by an eager XOM/IOC and partners.

[ArtM72]

Others?

7. There is potentially a very, very large amount of money involved.

8. PNG is not a single entity and local and Gulf Provincial interests need to be addressed.

9. There is potentially a very, very large amount of money involved.

[sydbod]

You did say dreams didn't you

I purchased some shares in IOC, and these sort of things ALWAYS happen to me.

[sageo]

You did say dreams didn't you I purchased some shares in IOC, and these sort of things ALWAYS happen to me.

syd--I think many of us has had that feeling at times in our lives ! I guess we will just have to keep on "keepin' on" !! Good luck to you and yours.

[sydbod]

Thanks sageo, Good luck to you and yours also.
I have come to realise a long time ago that all good things come to those that wait.
So long as the pps of IOC goes up on average, steadily year on year, I am prepared to wait a good 10 years or so to get decent value from my IOC shares.
There is too much long term upside in IOC shares to be worried about having to wait even another month or even two for the news on this deal.

[sageo]

1. Agreements have to made between Exxon and Oil Search, Santos, Nippon and PNG Govt. entities as to how IOC is going to be allowed into the project. Will each partner reduce their ownership share in order to allow IOC to have a share or will they be paid a toll to allow IOC to use their facilities?

2. PNGLNG partners that own a share of trains 3 and 4 will have to be able to finance their share of capital costs. Will the Exxon portion of Elk/Antelope be split between all of the PNGLNG partners so that they will all become our Farm-in partners? If so the new partners will have to finance their share of future development cost and pay for their share of sunk costs in PRL-15. Does Oil Search have the money?

3. Other license areas may be in play. We need a farm-in partner in PPL 238 and PPL 236 and possibly another partner in PPL 237. Is Exxon interested in being that partner in all areas?

4. If we are working on Farm-in Agreements on all license areas, the new Partner may require a new 5 year license from the Government before signing. That might extend the time required to finalize the agreement.

5. IOC could be considering Farm-in bids from other Companies. I believe the exclusive discussions with Exxon prevent IOC from soliciting bids from others but it does not prevent others from submitting bids.

6. Is it possible that someone has made an “informal” or verbal offer for the Company?

Others?

  Petrengr1- All good thoughts sir,however I am sure missing the "good old days" when we could discuss seismic info,drilling reports, log results, meters in pay zone as well as other "good stuff" concerning our wonderful 'pearls' . Guess I'll just have to dream that maybe we can see those days again soon.

[Tusker]

Others? 7. There is potentially a very, very large amount of money involved. 8. PNG is not a single entity and local and Gulf Provincial interests need to be addressed. 9. There is potentially a very, very large amount of money involved.

10  Trindad and Tobago Model.

For those who may recall this project, it is a 15.5 MTPA 5 Train LNG Facility.

Provisioned by a central project management team, a soverign nation created energy industry giant in the world of LNG production.

Can this be done in PNG.  Has it been given a consideration?  Is it the right participants for the right place and time?

Perhaps

Cheers

Toot Toot

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[tarulestheday]

6. Is it possible that someone has made an “informal” or verbal offer for the Company?

People wrongly assume that a verbal or even friendly email offer must be run by the BOD and made official. I have worked for two different public companies where the CEO talked directly to another CEO and discussed multiple offers for mergers and buyouts. Since they never resulted in an agreement, these offers were never even mentioned to the BOD.

I think it would be naive to assume that XOM never formally or informally discussed a potential buyout scenario given their exlcusive situation with IOC.