'ebster123' pid='21547' datel Wrote:"I was retiring so that I can focus on my private company after we get the LNG [transaction] closed, and help InterOil as a director and chair certain strategic committees that I enjoy,” Mulacek told PNGIndustryNews.net. " Wouldn't it be grand if the "private comapny" is actually the holding company of all of the "unproven leads" that Phil can start all over again with the leads. Great if IOC shareholders as part of a buyout of E/A and T2 get shares in the SM who buys IOC and Shares in the new company that holdes the remaining leases. One can dream and....time will tell
Ain't happening; those licenses are part of the IOC structure. If you look at the AIF filed each year at year end you'll see the corporate structure. Actually IOC is a holding company of sorts with many partial and fully-owned subsidiaries. The licenses are held sepraately in 100% subsidiaries of 100% subsidiary SPI Exploration and Production Company. Then Interoil LNG Holdings Inc (another 100% sub of IOC) is the parent of 84.58% sub PNG LNG Inc, which has a 100% subsidiary named Liquid Niugini Gas Ltd which is the company in which Gulf LNG will reside with whatever other partner(s) buy in. This is all on page 9 of the 2012 AIF:
Needless to say, all is wrapped up tightly within the IOC/Pac LNG structure, which is the way we want it as shareholders as well as IPI Partners. No way to remove those licenses without them being bought out and approved by the PNG government.
Maybe Phil will rejoin Wayne H and Henry in that venture out west.