'Li'loilady' pid='71526' dateline='<a href="tel:146 Wrote:From the replay of an RJ / Pavel conference call with Hession and gang regarding the deal. May 24: Per Hession, there will be 2 Resource Evaluators, chosen out of the following 3:
Ryder Scott, Beicip, and Miller and Lents, Ltd.
It was decided that Gaffney Cline and Nederland Sewall were "tainted" because they're working for OSH right now. The evaluators they're choosing from now are the 3 left on our original SPA list. Nothing suspicious with this, I don't think. I would have preferred folks who are already familiar with our field, however.
Total picks 1 resource evaluator and a "CVR subcommittee" picks the other one. This subcommittee is made up of 2 IOC directors + 2 OSH directors + 1 "independent chairperson." This subcommittee will oversee the CVR process from beginning to end.
And this from The OSH transcript of their CC:
"Nick Burns: (UBS, Analyst) Thank you very much. I just had a question around the Total agreement, just wondering what the condition precedents are around the MoU. I'm assuming that the agreement with Total negates or cancels the Total-InterOil gas resource payments and subsequent payments as well, and effectively that's being replaced by the fee structure that's been outlined today. Thank you.
Peter Botten: No, the obligation for the InterOil and Total SPA remain absolutely on foot. They are - what we've arranged with Total exactly mimics what was originally on foot for InterOil shareholders. There is - obviously those payments relate to certain key thresholds, including, importantly, the final resource allocation after Antelope-7. But there has been no tinkering or no change to those fundamentals in our deal with Total. I stress, our process for evaluation [unclear] is absolutely transparent, with independent ex-InterOil and InterOil appointees on a governance committee of our Board to assess it properly. I can't emphasise that much, and I've highlighted our desire to get the best possible, reasonable - the best possible evaluation of the resource. If the gap is there, we really don't mind paying for it. At the end of the day, there are no preconditions for the Total payment - the Total deal, and it is on foot. We have to obviously go through a process of transferring the interest and making sure that's done properly. But at the end of the day, we're off and running with that deal. Subject, obviously, to the InterOil deal completing."
So Katy, with the proposed deal, and as proposed buyer OSH will add its layer of oversight to the Certification process and (current) IOC will also have representation. Then Total as Buyer in the SPA still has its representation.