'jft310' pid='37191' datel Wrote:I checked with management . They say the pressure is on minority to close . Every dollar that IOC spends on their wells shared with them reduces the money the minority receives. There is no requirement to spud by a certain date just show progress towards drilling . The IOC slides show tangible progress . March dates mean nothing it actual progress that matters . With this progress the leases automatically roll over. Every day that the minority waits is costing them big time money. The loan is for drilling . Total had made an offer over drilling . I voted to not close the drilling agreement with total for peanuts but drill ahead with the loan money and then sell a portion with hopefully good results.
I sure would feel better if I knew what kind of pressure is on "the minority" to close. If they get cash calls they can always sell down part of their interest to finance those calls if necessary. But then I still fail to see where the IPIs have any place in this deal. The SPA doesn't mention them outside the section on "definitions", unless of course the IPI is mentioned in the heretofore unrevealed JVOA, but that makes little sense.
The SPA named party is PacLNG which I take to be synonymous these days with Civelli even though as I recall IOC holds at least half ownership of that group. It isn't surprising that part owners of a company formed to build IOC's LNG plant still claim ownership value in that company notwithstanding an entirely different company will build and operate the plant (wherever it might be sited).
Maybe that's the entire issue and why we've never seen, only surmised the 30% IOC ownership of Gulf LNG. Just how long does anyone think it might take for a legion of attorneys to hammer out the value of a stake in an LNG company which has no LNG plant in its future?
As I continue to read this situation there is no visible coherent path to getting these many related issues settled and the SPA closed. All I read is idle uninformed speculation about a process going on inside a very black box. What does seem clear is the politics and greed apparent in the IOC story are proving to be a far more difficult challenge to answer than Hession and his advocates ever imagined.
Makes me dream of that small modular EWC plant just about now ready to start pumping that first 2 MTPA out into a thirsty market.
C'est la vie.