04-24-2014, 03:21 AM
There is no such named entity in IOC's corporate structure; writer error IMHO.
Also, you need to remember that OSH is stating that as of now the JVOA in place when the Dec SPA was introduced is still in place; that's clear in their statements. Under the PRL 15 JVOA interest owners likely do have some say in drilling. So, for me this was a test by OSH of what rights they have in "the development of PRL 15 assets" and whether the original JVOA is in place, or the new one. The PNG court puked on their test and that likely will carry over to their hope of having preemptive rights. Those rights were with the PAC LNG Companies and the clock started ticking Dec 5th, and the 30 days rights are also poof. OSH made their try and it looks like it has/will failed/fail. But they still have a valuable interest in PRL 15 and should Wahoo hit, everyone will be happy.
Also, you need to remember that OSH is stating that as of now the JVOA in place when the Dec SPA was introduced is still in place; that's clear in their statements. Under the PRL 15 JVOA interest owners likely do have some say in drilling. So, for me this was a test by OSH of what rights they have in "the development of PRL 15 assets" and whether the original JVOA is in place, or the new one. The PNG court puked on their test and that likely will carry over to their hope of having preemptive rights. Those rights were with the PAC LNG Companies and the clock started ticking Dec 5th, and the 30 days rights are also poof. OSH made their try and it looks like it has/will failed/fail. But they still have a valuable interest in PRL 15 and should Wahoo hit, everyone will be happy.