The Attempted Grand Theft of IOC

[wapitidropiti]

1) "I think they only thought they would have to pay for about 7 TCFe.  (PET's major premise)

2) We had a Gaffney and Cline estimate for about 7 TCFe in about 2012.   (PET's minor premise)

3) So I think they both went with that estimate"       (PET's conclusion)

So this is what Pet says.

I simply take that as:

1. When TOT and OSH entered PRL15 they thought the contingency payment risk was relatively low (on whatever estimate it is based is not terribly relevant, those of Gaffney, their own, a mix, whatever)
2. Now, after three years of appraisal, they might realize the contingency payment risk is a lot higher.
3. The OSH take-over of IOC and MoU with TOT is at least partly informed by the desire to reduce that contingency risk.

I don't what your problem is with this interpretation, but perhaps I'm the idiot..

No STP you are absolutely correct.  The OSH deal is an obvious manuever for them, TOT and OSH, to avoid  a very large payment to us. Vote no.