12-01-2012, 07:47 AM
'Putncalls' pid='13605' datel Wrote:
IOC has almost nothing left to sell to a "partner"?
InterOil currently owns 58.6% of Elk/Antelope. The “sale” of an additional 27.5% to the PNG government would lower that ownership to 38% as it will be a proportional across all current holders. An additional (real) sell-down of 25% to a third party would lower IOC’s stake to around 20%. Remember XOM has only a 33% stake in the first project, so InterOil holding 20% would not too far off the norm.
I said “sale” because we need to know the terms to make it official, but InterOil insists the terms must be mutually agreed upon. The terms would likely be the same as the third party sell-down, but possibly a little lower in exchange for tax breaks and drilling rights extended.