12-15-2014, 01:39 AM
The only thing missing here (I believe) is that 2126 leaves out an important part of 3.10 in the SPA. The last paragraph there states that both parties to the SPA will use their best efforts ASAP after the execution/closing of their deal to get other parties subject to the existing JVOA to sign the new JVOA and vote to have Buyer (Total's sub which holds the PRL 15 interest) as the new operator of PRL 15. To date we have not seen where a new JVOA has been executed, nor do I believe Total has been designated as Operator (I think IOC is still the Operator). Assuming this is all true it would mean that they are still governed by the old JVOA and if management has stated "there is no such agreement", it would be a reference to the new JVOA.
Since IOC has used the standard JVOA (which I pointed out some time ago along with a link to such an agreement), whatever is in the original JVOA regarding an LNG plant would still govern.
Since IOC has used the standard JVOA (which I pointed out some time ago along with a link to such an agreement), whatever is in the original JVOA regarding an LNG plant would still govern.