02-28-2014, 11:41 AM
I think one of the main take-aways are the deal metrics, the 900M for a 22.835% stake in 7Tcf with upside. While there is no dilution for buying out Civelli, IOC pays in one of two ways:
- Either IOC's stake will be lower than 30% or
- IOC's contract with Total will be adjusted accordingly.
Jury still out on that one, but there isn't a free lunch here.
- Either IOC's stake will be lower than 30% or
- IOC's contract with Total will be adjusted accordingly.
Jury still out on that one, but there isn't a free lunch here.

