05-15-2013, 02:24 AM
'ArtM72' pid='22401' datel Wrote:By the presentation graphic it appears a significant but undetermined amount of Ttops is in 338. Given the seismics IOC has already performed on the structure, their willingness to provide OSH with that data for independent evaluation seems like an appropriate amount of consideration for the new seismic delineation work proposed by OSH. I suspect the end game will be two parties agreeing upon the percentage of gas and condensate in each PPL and thus providing the basis for a development agreement. As for IOC selling all that gas field, page 21 of the Presentation made it very clear IOC was planning to sell down only part of E/A and engaging in a JV with its new partner(s). I doubt it would plan to follow a different path with Ttops and/or 237. All good.
Art - Your thesis of the seismics as a precursor of a joint development is a reasonable explanation of fact 2, but does it explain fact 1? PRE is expecting cash to come in:
Quoting Jairo Lugo (PRE SVP of Exploration): "Then in the case of Papua New Guinea, we have always said that it was opportunistic. We got really a very good discovery and I think that we'll be ready to monetize that. We understand that there is some sort of a beauty contest now between the majors to acquire those positions and we have a tagalong. So we will be able to make a new rapid cash on that property."