BOD meeting 12/15 in PM ?

[davidhmtk]

JFT -  Did the Bd meet ?   Thanks.

[jft310]

Moved to Dec 20 to 21st .Wonder what they will talk about??

[ebster123]

With today's technology even if someone could not make it to PNG for th meeting they could be conferenced in. This leads me to believe there is a material event brewing that necessitated the moving of the meeting back 5-6 days. Interesting....given all the rumors we might just be very close. IMHO

[jft310]

No idea, could just rubber stamp new PNG PA. But bids couldn't be binding without this I think

[TxPm]

Jft is this meeting going to be in PNG? Also does this mean Mgmt is going to be in PNG for an extended period?

[jft310]

No idea on where was scheduled for Houston . Might know more Tuesday pm

[jft310]

BOD meeting is in Houston either Thursday or Friday this week. What will they discuss??Will they have anything to discuss.??We wait.

[jft310]

sir bincma yahoo
es Ed the BoD Meeting is definitely scheduled for the next two days. BoD members from outside the US have arrived in Houston to attend the sessions.

Topics for disussion, I believe, are likely to be, among other things:

1. Forward drilling program beyond Antelope 3 and Elk 3
2. The PNG Government's acceptance of the new project parameters - Gulf location and staged project development starting at 3.8 million tpa LNG
3. The additional percentage of E/A that the PNG wants to acquire at market price
4. Select the "Operating Partner" (different than the Sell Down Partner)
5. Reach FID for IOC's portions of the LNG Project (pipelines, jetty, storage, etc and etc)
6. And of course .... Reviewing and selecting from the firm bids that have been tabled now that NEC approval was finalized this week. Comparison is very difficult since long-term value must be weighed against near term benefits to IOC.

We can all hypothesize on who has submitted firm bids for E/A from which the BoD must choose the Sell Down Partner:

+ PTT ?
+ Chevron ?
+ Total ?
+ JKM Consortium ?

It there are only two left, then we could see a decision made soon.

If there are still multiple choices it may still be too complicated to reach a decision and reveal the outcome by December 28.

I'm prepared to wait until the end of March if need be.

OR ... we could see pre-emptive bids by others to acquire all of IOC .... one never knows.

[Tree]

sir bincma yahoo es Ed the BoD Meeting is definitely scheduled for the next two days. BoD members from outside the US have arrived in Houston to attend the sessions. Topics for disussion, I believe, are likely to be, among other things: 1. Forward drilling program beyond Antelope 3 and Elk 3 2. The PNG Government's acceptance of the new project parameters - Gulf location and staged project development starting at 3.8 million tpa LNG 3. The additional percentage of E/A that the PNG wants to acquire at market price 4. Select the "Operating Partner" (different than the Sell Down Partner) 5. Reach FID for IOC's portions of the LNG Project (pipelines, jetty, storage, etc and etc) 6. And of course .... Reviewing and selecting from the firm bids that have been tabled now that NEC approval was finalized this week. Comparison is very difficult since long-term value must be weighed against near term benefits to IOC. We can all hypothesize on who has submitted firm bids for E/A from which the BoD must choose the Sell Down Partner: + PTT ? + Chevron ? + Total ? + JKM Consortium ? It there are only two left, then we could see a decision made soon. If there are still multiple choices it may still be too complicated to reach a decision and reveal the outcome by December 28. I'm prepared to wait until the end of March if need be. OR ... we could see pre-emptive bids by others to acquire all of IOC .... one never knows.

I like this, especially the FID declaration possibility for non LNG infrastructure.  Ant-3 de-risked E/A and de-risking = higher price/mmcf.  This is not a simple asset sale with unknowns and quantities to possibly enough T's for a starter LNG plant.  There is in place enough for 8mmtpa plant and 12 mmtpa in some minds.  Take the time it needed to extract the target price.  SMs seek world over for a resource like this.  If IOC wasn't so maligned in eyes of their shareholders it just may make it an easier sell to them.  A little education is all that's needed.

[Petrovale]

Agreed, without final deal(s), the other side will keep educating (non-trading) pumpers.