'Gator' pid='65139' datel Wrote:Whoever owns a assets should be able to determine to whom and for how much they sell it for. Hession crafted a sell of the IPI position without their consent or an agreement in place. The IPI investors found a better deal than Hession offered, they took it. The sale to Total was never an issue in arbitration, it was preemptive rights. The sale to Total by IOC was legal just as the sell by IPI to OSH was legal. The selling of the asset was not involved in the arbitration, rather control. I think the selling to OSH by the IPI investors was the best thing that could happen to InterOil. It showed that a third party was willing to pay at least $4 billion for E/A (22.8% for $900mm plus a draft choice to be named later). Furthermore, without Oil Search we would not be getting any updates on progress and IOC's IR department might actually have to do some work.
"The sale to Total was never an issue in arbitration, it was preemptive rights. The sale to Total by IOC was legal just as the sell by IPI to OSH was legal. The selling of the asset was not involved in the arbitration, rather control."
Sale to Total was never an issue in arbitration?? Sale was the issue. What the heck do you think preemptive rights are?? If OSH won the arbitration Total would NOT be in PRL15 JV nor would they be Operator of PRL15. Why the heck do you think OSH pursued preemptive rights? It wasn't to make Total a partner and Operator. You began thread and it was entertained based upon a grosss misunderstanding of reality by neglecting to point out the chaos which OSH arbitration move played on the timelines. You should tap out.
"French major Total will retain its foothold in Papua New Guinea's emerging LNG sector, after an international arbitration ruling confirmed the validity of its acquisition of a stake in the promising Elk-Antelope gas resource."
"In a complex, non-unanimous judgment, the ICC decision declared that Total is a party to the Elk-Antelope joint venture operating agreement, but it also declared that Total has no rights in PRL 15 or in the Elk-Antelope JOA, unless and until InterOil and Total comply with relevant transfer clauses within the JOA," Oil Search said in a statement Wednesday.
"Oil Search anticipates that InterOil and Total will attempt to comply with these terms and the company intends to work constructively with its joint venture partners to resolve all outstanding transfer and joint venture management issues," the company (Oil Search) said.