Timing

[jft310]

[quote='mikesioc' pid='39088' dateline='1394663076'] 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.

I don't know what it takes to get through to you, but I'm about ready to give up.

No one is certain now that there is enough in PRL 15 for both PNG LNG expansion and a two-train LNG facility.  Therefore, neither Total nor anyone else is going to commit to a separate facility under those circumstances.

$120 per share for IOC is about $6 billion, which is NOT "less than the remaining interest in PRL 15", as you say.  IOC cannot be bought for less than shareholders, including mostly very large and smart investors, are willing to accept, and "shown the door", and also has a Shareholders Rights "poison pill" agreement.  Press reports and Company sources confirm that IOC and Total are the primary ones "talking" now, and you cannot "be certain" that competitors "Total and Exxon have been talking without IOC in the room" and conspiring against IOC.  We will see, hopefully before long.

Henry Aldorf the CEO of Marathon built an LNG plant in EQ with 1.5 T's of gas.