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Jake, to answer that with a few permutations. It will either be prolonged, or it won't.
If it won't be prolonged, this either means Mitsui is out of the definite arrangement, or it is in but they're working on something more 'comprehensive' (as JKM expressed strong interest, per WSJ).
I have no foresight on what's what, but this seem to be the logical possibilities.
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jake,
I didn't hear a word of it. The June 30 deadline is obviously off the table, although I'll predict the forces of evil will make a stand on the issue, claiming another IOC failure to meet deadlines. Nonsense, as IOC can't control the PNG government politics.
Basically, there was a clampdown on any detailed information on the possibilities other than the idea that just about everything was negotiable and on the table. Ponder the unexpected.
The sell-down and the establishment of the operator is THE BIG DEAL. After that, things will fall into place. Until that, the current infrastructure construction and drilling projects will continue as outlined.
VS
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First, a big thanks to Tusker for the Thursday nite gathering at the Spinnaker. It is a privilege to join such a fine group of fellow shareholders.
I picked up one comment at the AGM that I have not seen mentioned yet.
It is possible that the rig will have to be moved off of T2 before testing of the lower zone is complete. The Company is well aware of their drilling obligations on the other PRL's. The exact comment I heard was "Preserving our licenses is priority one". Factors in play include how long it takes to set casing and finish the testing, as well as how soon partners can mobilize additional rigs at other drill sites.
I mention this because if it does become necessary to move the rig without finishing T2 testing, bashers will try to spin it as a big negative, when nothing could be further from the truth.
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jake, admin, VS, etc.: With respect to the Mitsui CSP Agreement, it should be noted that in the 3/30/2012 PR citing the formal extension to June 30, it was also stated, "In addition, the parties contemplate additional amendments to further extend the JVOA and associated agreements to allow for FID to December 31, 2012, if such extension proves necessary." They may not even need to make any further announcement about that being done. I feel sure Mitsui is in for that regardless of whether they end up playing a bigger role as part of the JKM consortium being selected as the new sell down partner.
By the way, hopefully all of you saw the Dow Jones/Bloomberg Businessweek article posted today on Yahoo by lotsofng on the interview of a Kogas executive who confirmed being part of the JKM consortium bidding on IOC's Gulf LNG project!
