My take this AM

[jft310]

The Japanese have been interested in E/A since 2007. The interest included full financing for the LNG plant as stated by Phil M at the RJ Institutional meeting in July 2007. Spartina sent me the audio disk to play in my car and I did.I can't imagine that they are going away quietly if they are the low bidder. The Exxon rumors were reinforced with the T placement in their pipeline at Gulf Province.OIl Search was supposed to find more NG and they havn't done such a good job of that. We can talk Total and Chevron but the cases for JKM and Exxon seem to be the strongest. How will it all play out?? With Cove Energy the bid and counter bid process was 8 months long as the stock price rose 4 fold.The Cove board selected someone and then viola there was a counteroffer. Will this B the same? Does IOC have a wall the expiration of the 2009 agreement ?? I think yes and IOC will certainly try to conclude this quickly so that expiration does not come into play.Is that even an issue?? When will we get out first aceptance from the IOC Board?? Will this be the last acceptance.? Who does the PNG govt want to win?? Its been said they want another major besides Exxon for diversity. If true how does that impact the bidding.? Is JKM acceptable to the PNG govt?? I would think so. For diversity sake will IOC cut a deal with the Japanese.??? Whats surety of LNG plant financing worth?? Some say 50 cents per mcf.The JKM deal would have that as a sweetener. I expect others opinions these are my early Tuesday thoughts.