03-13-2014, 08:24 AM
Exactly. Enough gas to go around for Exxon, Total and OSH. As I've asked before does everyone get it that anyone can own all of IOC for less than the remaining interest in PRL 15? Why would each buy one piece when they can own the whole pie for the same price? What do you think each would pay to buy the whole pie and split it 50/50 right now? First gas going to PNG LNG expansion and Total getting enough to lead a Gulf facility. At the current PPS IOC is a pawn because the entire company can be owned for less than the remaining interest in PRL 15. Furthermore IOC is out on a limb and has no cash until Total gives it to them. Be certain that Total and Exxon (Woodside & Shell?) have been talking without IOC in the room and if they can agree on a split then IOC is shown the door. No sense getting into a bidding war when they can cooperate and each get what they want for the same price. Reality is getting $120 today for the entire company would be quite a coup.

