THis deal changes Interoil forever. Do it right is the mantra. Post deal IOC has monetized NG and condensates and LNG participation and a pile of cash after all the infrastructure builds and the PNGLNG buy in. Sounds sweet to me...Not an option play for all.
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How long does it take to finalize a deal? Do we need more efficient lawyers? I just don't feel a sense of urgency with this company. Idle rigs since January, seeking extensions to licenses set to expire. The time is now to monetize its assets not later. The US and Canada continue to push forward with their own LNG projects and continue to get approval. A third US LNG export project was approved yesterday. All of this has been extremely and unbelievably frustrating.
Does anyone see any sense of urgency?
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JFT, I think one can reasonably believe both that they should "do it right because this deal will change IOC forever"...and at the same time also believe that this has taken quite a long time. At some point, will the unending, optimistic, supportive explanations ring hollow even to you?
If the major points were agreed upon months ago, we should have a deal by now. I do not buy the theory that routine drafting by the lawyers (even on a very complex deal) can't be accomplished in a period of two months. I think there is likely another explanation that is more complex than "they are just trying to get it right". One possible explanation might be that they are simultaneously engaged in buyout negotiations and are therefore intentionally waiting to finalize the XOM deal. This is obviously just one pssible explanation, but as each additional day passes, I'm more convinced it isn't just an issue of drafting the language.