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[Li'loilady]

Just my thoughts:

i think the chances of Phil and his boys being elected to the board – mid merger – are somewhere between microscopically slim and nil.  The intended upheaval comes with tremendous uncertainty, both ST and LT, and will wreak havoc on our share price.  The Bigs don't want that and won't vote for it.  Many long-term retail shareholders will likely feel the same.  They/we are just want a way out. Too many ? marks about Phil running the show again.  Would that require a 50% + 1 vote?

The deal?  I feel like we're in a poker game – 5 card stud.  We got nothin' in our hand except a high card.  So, we play our ace of spades:  The No Vote.  What will OSH come back with??  If I understand Botten correctly, he wants us out and him in and he wants it bad.  I'm hearing the same language used repeatedly in his recent interviews that he used, also repeatedly, when he bought out PAC LNG, becoming our partner.  He wants to be The Influencer of the LNG industry in PNG.  He bloody sued because he thought he had preemptive rights over Total! and assumedly intended to exercise those rights.  This 1929 company is the bridge between PNG and the SM's.  It's all within his reach.

I'm gambling he'll stay in the game.  He'll place another bet.  Play fair this time, Peter :-)

I'm voting NO on the deal.  Gawd, I hate gambling!

[Putncalls]

The gamble isn't that bad. The downside is nil. The worst case is that Antelope is only 7Ts. If we have 10.2 Ts we get about 13 shares of OSH and Botten get's to be our mean old white knight. More OSH shares would be better.

[Li'loilady]

If we have 10.2 T's then we get more cash via the CRV's.  Even mo' better!

Re:  a possible lawsuit for breach of fiduciary responsibilities.  If I may be so bold (oh, why not, I'm in a gambling mood) if the decision is made to sue, I think it would be more strategic and adventageous to all shareholders to file AFTER the deal is done.  If the deal is voted down, OSH may decide not to come back with a better offer if such a lawsuit has been filed.  What other buy-in or buy-out company would want to work with a bunch of litigious shareholders?  Even if the deal is not voted down, what will OSH attorneys advise them?   We would be waiting years for that to settle.  OSH or anyone else could pick us up for pennies on the 1/2  dollars he's offering us now after the pps plumets.

What do we lose by waiting?  Discovery that may, or may not, prove there were better deals being offered?  If that IS discovered, then somehow try to coerce that better deal to be accepted?  Many many months or years from now?  And by whom?  Do you really think  Phil +4 will take control of the board 2 weeks from now?  Uh, and what about the 3 MH directors left?  Somehow fire the entire board?  Hession and BOD will fight a breach lawsuit for all they're worth because their reputations and future careers are on the line - even if it drives InterOil into a penny stock!

I'm way out of my ken here but, it seems to me that we all might be better off suing the pants off of them AFTER a deal is done, instead of before.  If we find there were better deals then sue for damages...  and all that other fiduciary breach type stuff.  Of course, all of this only relates if it's decided that there's legal (not just moral) merit to the suit.

If this sounds like the stream of consciousness raving of a wild woman at 2 AM, that's because it is.  But I think I'll agree with myself in the morning.

[jft310]

A proper law firm has been contacted as to the Breach law suit . They are evaluating the possibility now .

[Thylacine-2]

Mind you, when the timelines were confirmed by these Total execs they were aware of what was about to unfold, no doubt.

Exactly. Assuming the sale would go through it's full-speed ahead. However, a defeated/stalled deal likely results in delayed plans. Total has likely lined up strong buyers for the increased ownership % that they have agreed to buy from OSH. Doesn't mean it happens day one, but if plans change, planning changes. Total has many irons in the fire and they have the ability and asset base to wait until times are right. They can shift as necessary among priorities. As they should, they consider the LT.

And if PM somehow is put back in the captain's seat, Total will act accordingly. A super small fish will not make Total flinch.

Don't get me wrong; I loved Phil's drive and can-do/must-do attitude in not giving up in finding the resources, but that is where he was most effective. And I do believe that he stood strong for shareholders and demonstrated it by stepping up to the plate strong in owning shares. It was his baby. He's still proud of it. Understood. But..... Total has spoken and PNG has spoken. And OSH is PNG's baby.

Thanks, Palm, for your objective analysis.  Objectivity is needed (and rare) on the board these days.

[ArtM72]

Palm -

Can you give me a single reason why IOC would not want to cooperate with Total in PRL-15 development, including sale of gas or sharing facilities with PNG-LNG?

I get it that OSH needs and Total wants the gas in IOC's all other properties. I also get that in this agreement their cost for that gas, however much there may be, is Zero. But just why would Total pause the construction process instead of moving full speed ahead into a market in 2022 that will be demanding new capacity? Especially when costs are so low for construction in the next couple years while the rest of the industry shakes out?

[sageo]

Art and Sageo:

You both seem to imply that the writer of the article is responsible for the quote that you are discussing. If you look at the article, you will see that the sentence in question ["Mr. Mulacek's departure has delivered results for shareholders"] is from the IOC PR department.

 2126 - Thank you for pointing this out to me . I believe I let my disgust for MH (not caring about the shareholder's interests) in his splurging of the company funds, cloud my thinking .  Sorry .

 In my defense, many of the recent  articles about our situation have many " un-truths " or half-truths in them .  Best to you.

[Palm]

Palm - Can you give me a single reason why IOC would not want to cooperate with Total in PRL-15 development, including sale of gas or sharing facilities with PNG-LNG? I get it that OSH needs and Total wants the gas in IOC's all other properties. I also get that in this agreement their cost for that gas, however much there may be, is Zero. But just why would Total pause the construction process instead of moving full speed ahead into a market in 2022 that will be demanding new capacity? Especially when costs are so low for construction in the next couple years while the rest of the industry shakes out?

Art,

Sometimes it's necessary to step back and pretend you are not monetarily/emotionally invested in something to be objective.  Instead of asking, "Why wouldn't IOC......?" I've been asking "Why WOULD Total want to have IOC involved?".

IOC has the assets; that's the value brought, but IOC is not an Operator, not the preferred PNG homer (we know OSH is), not a National buyer/partner, does not have the financial wherewithal to be a 30+% player/partner.  IOC is a highly speculative exploration company and not a 30% partner that other partners want/need or that banks who finance these deals feel good about. Especially in today's market a 30% player better be rock solid.

Have you read what Total's people are saying about this deal?  They are excited about buying the higher % (yes at a nice bargain) because they have already spoken to interested parties about buying in; people who would also be buyers of the LNG.  IOC's goose started getting preheated when OSH swooped in and bought the ownership % from Pac LNG.  Shell tried to buy in through the back door; OSH was ushered in the front.  Until that time IOC had a chance to to be the local player.

People have been harping about recent happenings; I harped about the loss MH suffered when OSH bought the PAC LNG shares and the PNG gov cheered as the homey they have ownership in just opened the front door to IOC's discoveries.  Since then MH knew (IMHO) that IOC was in trouble.  Selling the refinery, etc. and proving up as much in PRL 15 while staying "alive" has been the main objective as well as staying in place as Operator as long as possible.  Once Total took over that role (as required by the SPA legal document) the goose began cooking.

IOC's perspective (as hard as it is to take) is the least of things in this deal.  I'm there with the rest of you not liking the burnt smell of the goose, but I have to be realistic.

[ArtM72]

Palm -

I appreciate your post. Your view of the power of Oil Search's minority interest seems outsized. It was a minority interest and there never has been question who the big dog is. There is also no question the deal is a GREAT deal for Total, something to get excited about. I certainly can't fault them for that. I used to feel real excitement as I learned of the geology of IOC's licenses and the market potential for LNG in the Western Pacific.

Your suggestion that MH saw IOC was in trouble and began to struggle to save the company ("staying alive") appears so counter factual I can't begin to address it.

Now, given what Hession has done to IOC's operating divisions and its employees I don't doubt for a moment those in the PNG government have no use for either the company or its CEO. So it isn't surprising PNG isn't raising a stink. It's a good financial deal, and Hession is certainly not a partner I would want to have.

Finally, I don't quite understand how "IOC's perspective is the least of the things in this deal." Remarkable. IOC's Board of Directors certainly agree. Do you?

Vote blue. Thanks for your posts. I'll leave my original question open. Why would IOC not want to cooperate with Total PRL-15 development, including sale of gas or sharing facilities with PNG-LNG? Sounds too much like somebody just trying to imply a problem where none exists in order to find some justification for the looting and plunder of the company.

[Putncalls]

Cisco started as a couple of engineers creating the first packet switched routers. Those engineers were sold out for a pittance.