07-26-2016, 11:55 AM
Maybe Total will bid to give us $45+/share and a CRP equal to the present agreement under the SPA. They would not lose anything over what they have already agreed to under the SPA, they would get IOC's 36.54% of PRL-15 (Elk/Antelope) for less than they paid for the 40.1% they already bought (on a $/MCF basis), they would get Triceratops, Raptor, Bob Cat, all other licenses with ~35 prospects etc. They would not have an unlimted up side to pay Exxon. They could proceed to build Papua LNG or make a deal with Exxon. They would own 76.64% of the Field of which they could sell part of to recover some of their cost. Might even sell a little to Exxon and to some of the LNG Buyers.