Pretty quiet in here

[efi426hemi]

I wonder how long the reshuffle of DPE and Petromin will delay things.

Hey Bert, I can answer that question for you.  Quite simply it won't.  Why, because the selldown deal requires NO signatures/approval from Petromin.

Let's use the PRE deal as an example.  They signed on during a time with presumably Duma and Petromin were doing everything they could to derail IOC, but they still signed on and had no trouble waiting a year to get their name on the PRL/PDL.

• Do you really think that there is any chance that the bidders don't have a signed golden letter from O'Neill with probably half the PNG ministers signatures promising no BS after a selldown deal is consumated.
• Do you really think that any selldown agreement with IOC doesn't have an out clause saying that if the PNG government doesn't add the winning bidder to the license then everything is null an void.

Disbanding of Petromin is good long term news for PNG and most likely IOC as resistance should dissipate but it has zero impact on the IOC selldown at this stage.

Use or flush and Keep it on Ice!

Hemi