'Putncalls' pid='74621' datel Wrote:It is done
This XOM Proposal is a bit better than the OSH Rotten Deal BUTT not by much.
I still want to see:
1. IOC sell ONLY it's 36.5% share of PRL 15
This Arrangement Agreement again gives ZERO value to Raptor, Bobcat, Triceratops, Wahoo, Mule Deer and all the other achers. If that's the case, then leave IOC in business to explore and develop these resources. If, however, XOM wants to explore and develop those fields, then by golly PAY FOR THEM
2. A higher fixed acquisition price
The current offer of US$45 is still not enough for 36.5% of PRL 15. I'd like to see over US$50
3. A FLOOR on the Contingent Resource Payment (CRP) to be paid after the Antelope 7 well is drilled and tested
The governance of the Certification process is better (with an Independent Referee from either Deloitte or Ernst & Young) but still week because it includes two criminal IOC Board Members. Under this Agreement, there is now more oversight on the A-7 drilling and testing process before the Certification is undertaken; but still not enough . . . Put Petrengr1 on the Holder Committee!!!
4. A higher ceiling on the CRP Certification payment to be paid after Antelope 7 is drilled
WHY the heck is it capped at 10 Tcfe? If the certification comes in above 10 Tcfe, why does XOM deserve to get ALL of the additional payment? The ceiling should be at least 12 Tcfe, in-line with Hession’s continued statements that E/A is a monster multi-darcy field.
5. A second CRP Certification payment a few years after gas has been tapped out of the E/A field
Why should XOM be the full recipient of this additional payment from the Total criminals? Even though this payment may be due 7 years from now, eligible IOC shareholders should get a large portion of this payment, after XOM deducts all of the costs associated with keeping track of the CRP Holders.
I'm curious to find out what the Concerned InterOil Shareholders conclude.