(07-19-2013, 02:20 PM)Stavros Wrote: I totally agree with you Pet. All I can tell you is that XOM sent a group of specialists to the field several weeks ago to confirm the validity of the data room content AND TO FILL IN THE GAPS. Their Due Diligence was successful and they were happy with the outcome; checked more boxes as it were. I don't think XOM necessarily complained; they simply did the needful. Other bidders may have complained rather than spending the time/ effort to conduct their DD.
A couple of questions for you to consider.
1. What could a group of experts gain from a trip to the field that was not in the data room?
2. Why would they need this information?
Some of the answers might depend on where they went in the “field”. For example I would not think it to be unusual for a Company that is about to expend billions of dollars on a project to want to see what it looks like on the ground.
3. Are they looking at PRL 15 only or are they interested in the other Licenses?
4. Are they interested in a Farm-in of the other licenses?
5. Are they interested in making a friendly offer for the entire company?
6. What is the difference in data provided to a company making a friendly takeover bid and a company preparing a hostile offer?
Some things that could be gained by a field trip:
1. Compare the terrain with that of the highlands.
2. See the actual locations that have been drilled.
3. Look at the two IOC drilling rigs to determined quality and capability.
4. See the roads that have already been completed and the quality of the work.
5. See the camps that have been built to support the PRL 15 work.
6. See the docks that have been built at Hou Creek and Herd on the Purari River.
7. See the proposed pipeline route from Elk/Antelope Field to the planned tie-in to the Exxon offshore pipeline.
8. See the proposed CSP plant site in the Elk/Antelope Field.
9. See the proposed LNG Plant site at Bluff Location in Gulf Province.
10. Observe the population density in the area of operation for the Elk/Antelope Field and the pipeline route.
11. If they are interested in a Farm-in of the other License areas they would no doubt like to visit the well sites in the Triceratops Field and look over that terrain.
12. Might also be interested in looking at the terrain and government road and local roads in PPL 236 where locations have been selected for Tuna-1 and Wahoo-1. The terrain along the coast in PPL236 is far easier to work in than the highlands and even better than Elk/Antelope and Triceratops.
13. If they are considering an offer for the Company they might like to look at the fleet of trucks and earth moving equipment that IOC has acquired.
14. I doubt that these experts were geologists that would be interested in seeing the outcrops that IOC based some of their early exploration on but it is a possibility.
Just a few examples of knowledge that could be gained from a field trip that might not necessarily be available in a data room.