PNG's proposed second LNG project remains an enigma

[Palm]

I'd like to know where he's getting the idea that FEED would cost $1 billion. That may be the biggest piece of misinformation in the article. I also do not believe it's going to "take two years or more" to get to FID.

Not sure if that or the comment that the possible 19.3% sell down comes out of "Interoil's remaining interest" is worse. The Total PR and SPA clearly state this will come out of Total's 61.3%.  Pretty big mistatement.

[Getitrt2]

Palm, the article did not say that "the possible 19.3% sell down comes out of "Interoil's remaining interest" ", but that "Total's 61.3% equity in PRL 15 and InterOil's remaining equity could be sold down by a further 19.3%", and adds the similar quote from Total's PR. He should have added, however, that if done it would be expected to come out of Total's equity, which was indicated in Total's PR, although not very specifically or clearly. I think much of the fault for the fuzziness on that lies with Total, who contributed to the debacle on Dec 6. I agree it's still a poor article.

Are you referring to Section 15.7, Assignment, in the SPA, or is there more somewhere else?

[mikesioc]

IOC should own the PNG press. No exceptions. It's their home field. If IOC can't deliver PR and control the narrative on the most positive news in the history of the company without utter disaster how will they handle bad news? God help us if there are any issues with the drilling. After the Total announcement debacle word trickled out that Total was apologetic and would cooperate in future PR. Really? OK, when the SPA is final and the check delivered everyone will get another chance to prove their PR mettle and atone for past sins. If we get more of the same it is a very serious problem. Insanity is repeating the same behavior over and over but expecting different results.

[jft310]

Mike- We need a Joint news conference with Total , Interoil and the Govt  in a photo op at the closing .

[mikesioc]

Mike- We need a Joint news conference with Total , Interoil and the Govt  in a photo op at the closing .

We are all preaching to the choir here.

[cybersssss]

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