12-11-2013, 01:44 PM
Or not. One statement in the Total to consider:
"Total and InterOil Corporation retain the flexibility to farm-down an aggregate of up to a 19.3% interest (before any election by the government to exercise its option to join the project with a 22.5% interest) to a strategic partner."
In other words, though the SPA says what it does, between now and when the gov officially exercises it's opt-in, Total and IOC may bring in an aggregate of "up to" 19.3% strategic partner.
I believe this gives flexibility in how the IPI group is dealt with. Remember that people here argued when the concept of a strategic partner was first brought up early this week until this clause was brought up and then OSH poked it's head up. Until the gov opt-in a few things are in limbo.
"Total and InterOil Corporation retain the flexibility to farm-down an aggregate of up to a 19.3% interest (before any election by the government to exercise its option to join the project with a 22.5% interest) to a strategic partner."
In other words, though the SPA says what it does, between now and when the gov officially exercises it's opt-in, Total and IOC may bring in an aggregate of "up to" 19.3% strategic partner.
I believe this gives flexibility in how the IPI group is dealt with. Remember that people here argued when the concept of a strategic partner was first brought up early this week until this clause was brought up and then OSH poked it's head up. Until the gov opt-in a few things are in limbo.