12-08-2015, 10:53 AM
There he goes again ... TREE disputing FACTS that GATOR laid out:
1. FACT - The SPA dated 6 December 2013 (another date that will "Live in Infamy") between IOC and Total WAS INTENDED TO SELL 60.1% of PRL 15 all of which was to be EVENTUALLY owned by IOC. Obviously this is what GATOR means when he says "IOC sold their (and the IPI) stake to Total"
As stated in the SPA: "Immediately prior to Completion, the Seller will be the legal and beneficial owner of the Assigned Interest, free and clear of all Encumbrances other than the Permitted Encumbrances. Subject to the Conditions, the Seller has the right to assign the legal and beneficial interest in the Assigned Interest on the terms set out in this Agreement."
In fact, GETIT is "technically correct" ... IOC did own more than 60.1% of PRL 15 when the SPA was written and signed.
HOWEVER, the SPA had the major Conditions Precedent Clause that GATOR is referring to (see below) which made it clear that in reality their intention was to sell a portion of their share plus all of IPI's share after its acquisition
===> WHICH NEVER HAPPENED DUE TO HESSION's ARROGANCE AND STUPIDITY
2.1 Conditions Precedent
Clauses 3, 4, 7, 8 and 15.15 do not become binding on the parties and are of no force or effect unless and until the following Conditions have been satisfied or waived in accordance with clause 2.4:
(a) Approval and Registration of Approval Documents: the Approval Documents have been approved by the relevant Minister in accordance with the Act and registered on the Register (as defined in the Act).
(b) PacLNG Arrangements: InterOil or one of its Related Bodies Corporate has acquired the PacLNG Interests, directly or indirectly, and provided evidence thereof to the Buyer’s reasonable satisfaction.
ERGO ... NOTHING WAS SOLD BY IOC BECAUSE THEY DID NOT MEET THE ABOVE.
2. FACT: GATOR's statement "The IPI investors said not so fast. We want to sell to OSH" is 100% TRUE. Hession tried to low-ball the IPI Investors and refused to match the OSH offer. WHAT GOES AROUND COMES AROUND. If you are unscrupulous as a businessman you will always lose at the end of the day.
3. FACT: GATOR's statement "OSH said, we want our 22% of the gas to go to Train 3 of PNG LNG" is 100% TRUE. It is painfully obvious that OSH did the deal as XOM's proxy to get the gas they originally wanted to acquire from IOC when Phil Mulacek was CEO.
4. FACT: GATOR's statement "InterOil then transferred ownership of E/A into a separate whole owned subsidiary and sold it to Total" is 100% TRUE.
5. FACT: GATOR's statement "OSH filed suit because (of) the dispute in the JVOA" is 100% TRUE. OSH felt that this was a 'No-No" and filed for Arbitration via a 3-person Panel. The fact that one of the three Arbitrators voted in favor of OSH means they had a legitimate case that could have gone either way.
6. FACT: GATOR's analysis "To continue to blame the delay of certification solely on arbitration and OSH (Botten and Civelli) is wrong. Hession did not lock down the IPI stake before he sold. Furthermore, after arbitration was settled, InterOil still claimed certification payment by YE 2015. The very first time a delay was mentioned was June 2015 at the ASM because the test results were so good they estimated the field was much bigger and they wanted to be paid for every molecule of gas. Since then we have had two additional delays and neither have to do with arbitration." is entirely 100% TRUE:
a) IOC DID NOT LOCK DOWN THE "CONDITIONS PRECEDENT"
b) IOC DID CONTINUE TO CLAIM CERTIFICATION PAYMENT BY YE 2015
c) CONTINUED DELAYS HAVE NOTHING TO DO WITH ARBITRATION
Please look into a mirror Mr. Tree. Your constant whining on SHU about the low current LNG price is comical. You're like a Kindergartener complaining that he won't get good sex in high school because he's not getting any now. A lack of future good sex may in fact be the outcome for the poor lad, but not because he failed as a 6-year-old! Similarly, current LNG Spot Price at $7-8 per MMBtu will not be the case 6 years from now when Papua LNG is one of the lowest cost LNG providers to Asian customers.
You should read JFT's posts on future energy demand and expected LNG prices ... when he copy/pastes something he also gives his views/opinions.
Have a good evening everyone and "God Bless"
http://www.bing.com/videos/search?q=red+skelton+hour&view=detail&&qpvt=red+skelton+hour&mid=CA0CAC89EE26E091A5EDCA0CAC89EE26E091A5ED&rvsmid=CA0CAC89EE26E091A5EDCA0CAC89EE26E091A5ED#view=detail&mid=CA0CAC89EE26E091A5EDCA0CAC89EE26E091A5ED
1. FACT - The SPA dated 6 December 2013 (another date that will "Live in Infamy") between IOC and Total WAS INTENDED TO SELL 60.1% of PRL 15 all of which was to be EVENTUALLY owned by IOC. Obviously this is what GATOR means when he says "IOC sold their (and the IPI) stake to Total"
As stated in the SPA: "Immediately prior to Completion, the Seller will be the legal and beneficial owner of the Assigned Interest, free and clear of all Encumbrances other than the Permitted Encumbrances. Subject to the Conditions, the Seller has the right to assign the legal and beneficial interest in the Assigned Interest on the terms set out in this Agreement."
In fact, GETIT is "technically correct" ... IOC did own more than 60.1% of PRL 15 when the SPA was written and signed.
HOWEVER, the SPA had the major Conditions Precedent Clause that GATOR is referring to (see below) which made it clear that in reality their intention was to sell a portion of their share plus all of IPI's share after its acquisition
===> WHICH NEVER HAPPENED DUE TO HESSION's ARROGANCE AND STUPIDITY
2.1 Conditions Precedent
Clauses 3, 4, 7, 8 and 15.15 do not become binding on the parties and are of no force or effect unless and until the following Conditions have been satisfied or waived in accordance with clause 2.4:
(a) Approval and Registration of Approval Documents: the Approval Documents have been approved by the relevant Minister in accordance with the Act and registered on the Register (as defined in the Act).
(b) PacLNG Arrangements: InterOil or one of its Related Bodies Corporate has acquired the PacLNG Interests, directly or indirectly, and provided evidence thereof to the Buyer’s reasonable satisfaction.
ERGO ... NOTHING WAS SOLD BY IOC BECAUSE THEY DID NOT MEET THE ABOVE.
2. FACT: GATOR's statement "The IPI investors said not so fast. We want to sell to OSH" is 100% TRUE. Hession tried to low-ball the IPI Investors and refused to match the OSH offer. WHAT GOES AROUND COMES AROUND. If you are unscrupulous as a businessman you will always lose at the end of the day.
3. FACT: GATOR's statement "OSH said, we want our 22% of the gas to go to Train 3 of PNG LNG" is 100% TRUE. It is painfully obvious that OSH did the deal as XOM's proxy to get the gas they originally wanted to acquire from IOC when Phil Mulacek was CEO.
4. FACT: GATOR's statement "InterOil then transferred ownership of E/A into a separate whole owned subsidiary and sold it to Total" is 100% TRUE.
5. FACT: GATOR's statement "OSH filed suit because (of) the dispute in the JVOA" is 100% TRUE. OSH felt that this was a 'No-No" and filed for Arbitration via a 3-person Panel. The fact that one of the three Arbitrators voted in favor of OSH means they had a legitimate case that could have gone either way.
6. FACT: GATOR's analysis "To continue to blame the delay of certification solely on arbitration and OSH (Botten and Civelli) is wrong. Hession did not lock down the IPI stake before he sold. Furthermore, after arbitration was settled, InterOil still claimed certification payment by YE 2015. The very first time a delay was mentioned was June 2015 at the ASM because the test results were so good they estimated the field was much bigger and they wanted to be paid for every molecule of gas. Since then we have had two additional delays and neither have to do with arbitration." is entirely 100% TRUE:
a) IOC DID NOT LOCK DOWN THE "CONDITIONS PRECEDENT"
b) IOC DID CONTINUE TO CLAIM CERTIFICATION PAYMENT BY YE 2015
c) CONTINUED DELAYS HAVE NOTHING TO DO WITH ARBITRATION
Please look into a mirror Mr. Tree. Your constant whining on SHU about the low current LNG price is comical. You're like a Kindergartener complaining that he won't get good sex in high school because he's not getting any now. A lack of future good sex may in fact be the outcome for the poor lad, but not because he failed as a 6-year-old! Similarly, current LNG Spot Price at $7-8 per MMBtu will not be the case 6 years from now when Papua LNG is one of the lowest cost LNG providers to Asian customers.
You should read JFT's posts on future energy demand and expected LNG prices ... when he copy/pastes something he also gives his views/opinions.
Have a good evening everyone and "God Bless"
http://www.bing.com/videos/search?q=red+skelton+hour&view=detail&&qpvt=red+skelton+hour&mid=CA0CAC89EE26E091A5EDCA0CAC89EE26E091A5ED&rvsmid=CA0CAC89EE26E091A5EDCA0CAC89EE26E091A5ED#view=detail&mid=CA0CAC89EE26E091A5EDCA0CAC89EE26E091A5ED
Drivel Maven with Personality