12-15-2014, 03:34 AM
(This post was last modified: 12-15-2014, 03:41 AM by efi426hemi.)
'Palm' pid='53236' datel Wrote: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.
Hey Ducks,
I clarified this point at the last AGM. You are correct, IOC is still the operator and they will remain so until the additional Ant wells have completed drilling. The reasoning for this is that you should have the expert making the decisions on the key operations that are being undertaken at that specific time. And at this point in time, IOC is the most knowledgable about the drilling that needs to be completed. I expect that the operator title will be transfered during FEED to Total as they a considered the expert in LNG plants.
H&H,
Hemi
p.s. 2126: It was most refreshing to read your comment below and it was a nice change of pace from the whining and complaining that dominates this board. Thank-you for taking the time, it is most appreciated.
Again, as has been noted many times on this board, if SHU members would read through the various publicly-available documents, including the SPA, and the analyst's reports, most of these questions would not come up.