04-26-2013, 05:43 AM
I don't think you're both saying the same thing. As highly as PRE seems to regard 237 and given the commitment they've made to it for just 10%, why would they want to sell off part of that, especially since they would not be likely to get a premium to what they paid at this point, imo. What might make sense would be for IOC to bring in another partner on 237 to help explore and develop it, while they have multiple interested parties at hand in a competitive situation after working with three investment banks for a year and a half.