07-12-2016, 01:05 AM
Here are a few questions that could be posed to Mr. Botten I believe the answers to which would be helpful in understanding the OSH buyout proposal better:
In no particular order,
1. When will appraisal results be announced relative to your purchase of IPI’s share of E/A and PRL15? If not according to the previously announced schedule, why not?
2. Why was the decision by the JV to drill A7 delayed and was the timing coincidental to the execution of the acquisition agreement?
3. Does OSH have outstanding obligations to its PNG LNG JV partners that have yet to be fulfilled with respect to the quantities of P2 or P3 gas to be supplied by OSH to the JV?
4. Why was it necessary in the Agreement to prohibit any employee or director from engaging in conversation that may have been interpreted to undermine successful confirmation of the buyout by IOC shareholders?
5. On 9/30/15 during the Q3 2015 CC Dr. Hession stated Wood Mackenzie and analysts estimated IOC’s stake in Papua LNG alone was potentially worth $9bn US by first gas. Do you agree with that assessment?
6. According to a presentation made by Laurie Brown December 3, 2014 Triceratops, Elk, Antelope and Raptor discoveries were all identified as gravity anomalies and that 20 more such anomalies have been identified in IOC license areas. Why do you in your bid or subsequent pronouncements fail to assign any value whatsoever to discoveries in PRL39 containing Triceratops, PPL476 containing Bobcat, and PPL 475 containing Raptor, or for that matter the still promising PPL474 and PPL 477.
7. What are the specific benefits of coordinating capital facilities with PNG LNG that would accrue in the absence of IOC that would not be available with IOC as a partner in the JV and why not?
8. Antelope South in PRL15 was to have been drilled as a discovery well by Total in their PSA with IOC. Why has that well been dropped in the proposed merger agreement bolt on with Total? Are we to infer any gas from that formation will not be necessary in the forseeable future as feedstock for Papua LNG, or for that matter PNG LNG?
In no particular order,
1. When will appraisal results be announced relative to your purchase of IPI’s share of E/A and PRL15? If not according to the previously announced schedule, why not?
2. Why was the decision by the JV to drill A7 delayed and was the timing coincidental to the execution of the acquisition agreement?
3. Does OSH have outstanding obligations to its PNG LNG JV partners that have yet to be fulfilled with respect to the quantities of P2 or P3 gas to be supplied by OSH to the JV?
4. Why was it necessary in the Agreement to prohibit any employee or director from engaging in conversation that may have been interpreted to undermine successful confirmation of the buyout by IOC shareholders?
5. On 9/30/15 during the Q3 2015 CC Dr. Hession stated Wood Mackenzie and analysts estimated IOC’s stake in Papua LNG alone was potentially worth $9bn US by first gas. Do you agree with that assessment?
6. According to a presentation made by Laurie Brown December 3, 2014 Triceratops, Elk, Antelope and Raptor discoveries were all identified as gravity anomalies and that 20 more such anomalies have been identified in IOC license areas. Why do you in your bid or subsequent pronouncements fail to assign any value whatsoever to discoveries in PRL39 containing Triceratops, PPL476 containing Bobcat, and PPL 475 containing Raptor, or for that matter the still promising PPL474 and PPL 477.
7. What are the specific benefits of coordinating capital facilities with PNG LNG that would accrue in the absence of IOC that would not be available with IOC as a partner in the JV and why not?
8. Antelope South in PRL15 was to have been drilled as a discovery well by Total in their PSA with IOC. Why has that well been dropped in the proposed merger agreement bolt on with Total? Are we to infer any gas from that formation will not be necessary in the forseeable future as feedstock for Papua LNG, or for that matter PNG LNG?