02-07-2013, 01:52 PM
-
'Tree' pid='17144' datel Wrote:ENI has been interested in an ennerOle LNG stake since July 2009. They submitted an indicative bid with 6-7 others on a 20%-30% stake of the LNG project. Bids were in the $500 mill range then. From memory, Osaka Gas, PTT, CNOOC, MRO, ENI and a couple others. ENI has been mention as bidder since 2009 and often on SHU. They could be a dark horse in this sale.
Let's see. $500 million for 20% of IOC's share in E;A, Say IOC's share at the end of the day is 5TCF. If it's not too late for some quick mental math, that amounts to about $0.50/mcf.
Just how can anyone around here criticize Mulacek for not making a decision on the selldown with that kind of bid? I for one would be surprised and sorely disappointed if the Board settled for twice that amount. Frankly, I'm expecting a number in the $2 to $2.50 range for IOC's E/A interest. We'll see soon enought I suspect.