'Resourcearb' pid='25646' datel Wrote:An interesting and positive recent development that has seemingly gone unnoticed was the inclusion of a new slide (#15), which details the impending deal between InterOil and Exxon for the development of PRL 15, in Oil Search's most recent presentation delivered at the UBS Resources Conference last month. The slide was inserted in the segment of the presentation detailing the prospects for expanding PNG LNG's capacity, and interestingly it is in front of Oil Search's Gulf of Papua slides. The slide provides additional external evidence that the SPA is about to be concluded and that the PNG LNG partners have been informed and accepted that InterOil's gas will be used to supply at least one of the PNG LNG Project's trains.
Oil Search also wrote on slide 25, “Potential third party gas could result in further LNG expansion”, obviously referring to gas from InterOil’s PRL 15. Recall that InterOil’s stock tanked upon the publication of a misleading report by the Citi analyst covering Oil Search, as he alluded to the PNG LNG partners’ required approval of the use of gas from PRL 15 being a potential obstacle to InterOil’s SPA closure with Exxon. Well, that certainly is not the case.