TBR

[oliver.gump]

The answer is simple - - - TOTAL, XOM, OSH and the PNG Government want IOC out and it WILL HAPPEN. We need to do everything possible to stall the deal until they realize they must pay IOC shareholders a fair price for us to sell our assets. Current deal: 8.05 shares of OSH plus $6.05 per Tcfe above 6.2 Required deal: 10.0 shares of OSH plus $10.5 per Tcfe above 6.2 WITH A FLOOR of $30.00 per CVR

8.05 shares of OSH = 8.05 x (6.83 / 1.32) = US$41.64  <== todays conversion rate

Given the liberties we have seen Hession and the BOD take with the truth, we may be looking at 7 Tcfe on the upside which would give us a CVR of (0.8 x $6.05) = US$4.84

So a grand total of $46.49/share

you know what? I not very thrilled about that number.

Adding a Participation Bonus of US$30 payable in addition to the CVR would give us around US$76.49/share

Not happy, but getting closer to being able to live with it.