IOC/OSH Court Nov-Decision Q1 15

[Tree]

PNG dispute goes to court

25 July 2014 00:00 GMT

A dispute between Oil Search and InterOil that relates to the Elk-Antelope gas resources in Papua New Guinea will head to an arbitration hearing in late November, writes Russell Searancke.

The hearing will be in London, and a decision from the arbitration is expected during the first quarter of 2015, said Oil Search.

Oil Search launched the legal action earlier this year. It believes InterOil’s transfer of an interest in Elk-Antelope in Block PRL 15 to French company Total is subject to various consent and pre-emptive rights under the joint venture operating agreement.

Despite the legal disagreement, the co-owners worked together in the last quarter on three main streams of technical work — an appraisal drilling programme on the Elk-Antelope field, further exploration within PRL 15 and a concept select process, said Oil Search.

Two appraisal wells that will be drilled later in the year to narrow down the contingent resource range.

They will be used to determine whether the field can underpin one or two liquefied natural gas trains — a key objective over the next six months, added Oil Search.

[jft310]

Oil Search is messing with IOC "AGAIN". One needs to ask to what end???Any theories out there?

[Palm]

Sure; when you can kick your little brother in the balls and get a laugh, you do it. It's part of "growing up". If little bro thinks breaking open his piggy bank is going to stop big bro from kicking him again, he's kidding himself. Little bro needs to man up and produce a bigger boot and not just talk about it.

[Libtardius Maximus]

Oil Search is messing with IOC "AGAIN". One needs to ask to what end???Any theories out there?

Whenver there is IOC PR it is met with OSH PR that stems any and all gains. This is about capping IOC for the buyout that is looming at 75 a share. I realize this is not the popular sentiment, JMHO.

[Getitrt2]

It's not "AGAIN". It's simply the latest status of the same dispute. Of course, you can still debate its meaning as long as you want. I think I'll stick with the position and opinions of IOC's management and attorneys, and the analysts, that the SPA with Total will stand as is. I guess the article serves to remind the market of the case on a down day.

[Libtardius Maximus]

When had IOC ever stated the date for the arb? Can someone point out to me where IOC is quoted? All the information about this topic is coming from OSH.

[jft310]

Lib
It's a free world and an open market. OSH or anyone else can make whatever offer they want. Have at it.
Others have made offers and today we are a stand alone company.
Is there a difference in making an offer and the person on the other side accepting??
Most think so.
Did several of our largest shareholders add millions in the $90's??
They want a return on their investment.
Alas then there is the poison pilled pill designed and implemented to prevent low ball offers.
Sure the little guys might vote yes but that's not gonna get it done.
With a signed contract with Total for a possible multi billion payment next year there is no way a prudent person would sell the company today.
With 7 T's as a minimum we get a 2 train LNG plant built.
Shareholders need to wait for the full certification process as a minimum.
Then FID
Then plant construction
Look at PNGLNG and history will repeat.
Offers along the way sure BUT will they stand the smell test??

[Libtardius Maximus]

JFT,

Show me where someone has made an offer for IOC.

[ArtM72]

When had IOC ever stated the date for the arb? Can someone point out to me where IOC is quoted? All the information about this topic is coming from OSH.

Not sure where, Lib, but we've seen the approximate arb dates before.

I agree this is more of the same.  The fact they are noted to be working together in three critical areas requiring immediate progress is a plus in my mind.  I'll also reiterate I believe it to be accurate that OSH has to give IOC the same deal as Total in order to acquire Total's shares.  That means the WHOLE deal, including ownership.  I don't recall if that means ownership in a second site or if that condition could be satisfied in ownership of individual units  at PNG LNG.   How either could be considered negative or anything other than fully equivalent is well beyond my scope of understanding.

[jft310]

JFT, Show me where someone has made an offer for IOC.

d

Listen to those who have attended AGM's with Phil that question came up several times . Never addressed with a verbal answer but body language was different. Any offer made was not in writing thus never disclosed never met muster with the IOC Board or we would have heard .