Pavel: Selection timelines forward

[Getitrt2]

It certainly is, Tree. Of course, Pavel thinks they have already made the decision on partner(s), but that they are still working on finalizing the agreements, in coordination with the government(s). I sure hope we will get an announcement in the 60 days.

[Palm]

Now, are there that doubt Phil is the MFIC? What the MFIC says goes. 30-60 days "We (The MFIC and IBs and partners and IOC BoD) are going to know a lot more over the next 30 and 60 days." Good thing the MFIC has a SL of shares in play. This is a very instructive thread.

Not sure if it was MFIC or the way things had to be based on what was going on with all of the PNG reorganizations and the bidders being assured by PNG that the house would be in order. IOC's part in this is secondary to what both the bidders and PNG want and need. IOC will come out of this with necessary funding and either still owning a piece of the asset (most likely) or getting bought out. We've seen the complexity of these deals, then throw in the Petromin/DPE games with their rumored misinformation dispersal and you get a slowed down process. Phil knew it was going to be a process as well as the BOD when after the IBs opened the bids and the PR that they would be evaluating the bids "during March". No mention of when selection would happen, just "for the purpose of selecting" a partner. There are some things that came to light it appears when those bids were opened. Now O'Neill and others have met with both Japan and Thailand and misconceptions likely cleared up. Interesting how much more clear things are in the proper light. Phil said that they would know more in that 30-60 days. I bet they know a lot more right now than they did Feb 28th. They'll know a lot more in the next several days.

[Tree]

Now, are there that doubt Phil is the MFIC? What the MFIC says goes. 30-60 days "We (The MFIC and IBs and partners and IOC BoD) are going to know a lot more over the next 30 and 60 days." Good thing the MFIC has a SL of shares in play. This is a very instructive thread.

Not sure if it was MFIC or the way things had to be based on what was going on with all of the PNG reorganizations and the bidders being assured by PNG that the house would be in order. IOC's part in this is secondary to what both the bidders and PNG want and need. IOC will come out of this with necessary funding and either still owning a piece of the asset (most likely) or getting bought out. We've seen the complexity of these deals, then throw in the Petromin/DPE games with their rumored misinformation dispersal and you get a slowed down process. Phil knew it was going to be a process as well as the BOD when after the IBs opened the bids and the PR that they would be evaluating the bids "during March". No mention of when selection would happen, just "for the purpose of selecting" a partner. There are some things that came to light it appears when those bids were opened. Now O'Neill and others have met with both Japan and Thailand and misconceptions likely cleared up. Interesting how much more clear things are in the proper light. Phil said that they would know more in that 30-60 days. I bet they know a lot more right now than they did Feb 28th. They'll know a lot more in the next several days.

HairyPalms,

People need to realize there 3 entities IOC/Partners, Bidders and PNG Gov't involved and each is able to impose contingencies on the other 2.

Bids were open early March and BoD reviewed them with IB presentations.

Further negotiations ensued and re-bids were solicited as any changes to first bid likely needed BoD approval from the assumed 6 bidders as that is how many were prepping bids last fall.

Bidders can require performance items of IOC/PNG. - Like the canning of Kalinoe, signing of MOU's, re-org of Petromin and guarantee of granted gas concessions.

PNG can require items of bidders and IOC - like how large a stake PNG takes, how PNG compensates the partners and if  PNG can market gas directly to, let's just say, XOM to feed their expansion as OSH's Botten mentioned.

IOC can require higher bids/$Mcf, streamlined Gov't interfacing, control of project, stamp on a contract operator, maybe an XOM type as a 'nameplate only' hands off operator.

Geez, if XOM had a deal with Gov't and was the 'name[pate only' operator wouldn't that kinda provide 100% cover to IOC to avoid some hostile low-ball takeover??

I'd say so.

Maybe this is all within the 30-60 day timeline and tons of possible bid contingencies have already hit the press.