'Tree' pid='22647' datel Wrote:
No delays from CEO loss: InterOil
Friday, 17 May 2013
INTEROIL says it is in “final” discussions with bidders for its Elk-Antelope field in Papua New Guinea’s Gulf province. Meanwhile, Oil Search is investigating possible extensions to InterOil’s Triceratops field in the region.
Antelope-3 flare image courtesy of InterOil.
Three investment banks started the global search for a PNG government-acceptable LNG operator for InterOil’s Elk-Antelope discoveries more than 18 months ago and InterOil set an end of February deadline for final bids.
While InterOil founder Phil Mulacek recently quit as chief executive officer at short notice, InterOil chairman Gaylen Byker did not expect any deal-making delays as a result.
“We will not have to announce a new CEO before we go the next step in the partnering process,” Byker said in a quarterly results conference call.
“Those are quite independent and we anticipate that we will be announcing the partnering process before we find a new CEO.”
Although InterOil’s quarterly results shed little more on the ongoing negotiations which are believed to include three interested supermajors, PNG’s sole oil refiner did reveal that Oil Search agreed to fund a seismic campaign that covers InterOil’s Triceratops-hosting petroleum prospecting licence 237 and two neighbouring licences PPLs 338 and 339.
The seismic is particularly focused on the North Triceratops and Northwest Triceratops prospects which Kina Petroleum previously flagged.
“I believe that the joint venture would be looking to drill a well as part of the farm-in process that Oil Search is undertaking with the current licence holder, Kina Petroleum,” InterOil exploration general manager David Holland said at the conference call.
“If that were to be a discovery then obviously down the track, under the PNG Oil and Gas Act, we would be looking at the requirement to form a unit.”
InterOil’s net profit for the March quarter was $US4 million – down 56% year-on-year.
With PNG LNG construction activity winding down, InterOil’s downstream unit reported a 2.7% year-on-year fall in its total sales volumes.
Being a trend setter of below ground formation lines... Dave H answer addressed a picture show trailer of the above ground.
Third to last paragraph. ... down the... Track.... Trains come with tracks. Is this a whistle that one can hear 3-5 five years prior to arrival?
Duma PNG DPE has already commented on unitization and staged develpment. So do we have a grand path? I beleve so.
The cluster projects of Austrailia had there first train wreck with Browse.
Best for the domestic SME's of PNG to grow and deploy in a coherent progression of develpment.
Path finders:
1) PNG LNG
2) Gulf LNG
3) Western Province LNG
What I smile about is the below/above ground and the capacities of on ground Total,OSH,Kina & IOC can forge.
Survey a platou and the opportunities will become manifested.
IOC will be part of that survey.
Slainte
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