03-24-2014, 10:40 AM
The SPA had a Condition Precendent that IOC would acquire the Pacific LNG holding. They would then control 100% of PRL 15. They would sell 61.3% of PRL 15 (gross before government buy in) to TOTAL and retain the rest.
Since they didn't acquire Pac LNG's holding, and since they do not have 61.3% of PRL 15 to sell to TOTAL, the SPA is no longer valid.
IOC and TOTAL can agree to new Terms and Conditions OR they can part ways.
Origin of DEFUNCT
Latin defunctus, from past participle of defungi to finish, die, from de- + fungi to perform
Since they didn't acquire Pac LNG's holding, and since they do not have 61.3% of PRL 15 to sell to TOTAL, the SPA is no longer valid.
IOC and TOTAL can agree to new Terms and Conditions OR they can part ways.
Origin of DEFUNCT
Latin defunctus, from past participle of defungi to finish, die, from de- + fungi to perform
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