How long to cut a deal?..

[jft310]

Hession cut the Total deal in 14 days

The OSH deal took 7 days start to finish

My point is there is plenty of time to cut the next deal before the next CC. I expect a Total closing but alas we have been surprised before.

[ArtM72]

"Hession cut the Total deal in 14 days" If that's the case I think we should ask for Hession's first six months of salary back.

And OSH cut a deal including financing between the government and PacLNG/IPI in seven days? Are we now using Biblical timescales out of Genesis to measure the progress of this project?

Seriously, how do you come up with some of this stuff?

[jft310]

Maybe a new CEO has more than one thing to do . The day count is correct.

[Palm]

The 14 days came from a PR released by the law firms who worked with IOC on the deal negotiations; I posted that some time back. The 7 days came from a PR from either OSH or the legal beagles who worked on those negotiations. And we know that attorneys do not lie.

[jft310]

So now that we know the day count is right let's focus on the message.

If they want a deal closed with willing parties time is not the issue. We have public information that both IOC and Total want a

deal so we should conclude that Hession can deliver his hoped for signed deal soon. The stock price needs a closed deal.

[Palm]

Actually the OSH buy-in was done over a 13-day intense period.  Still pretty darn quick.

King & Wood Mallesons Guides $900M South Pacific Gas Deal

Share us on:TwitterFacebookLinkedInBy Andrew McIntyre0 Comments

Law360, New York (February 27, 2014, 2:56 PM ET) -- Oil Search Ltd. has purchased a stake in a mammoth untapped natural gas region in Papua New Guinea from Pacific LNG Group Cos. for $900 million, the companies announced Thursday.
In a move that expands its already large energy footprint in the region, Papua New Guinea-based Oil Search purchased a 22.835 percent stake in Petroleum Retention License 15 — which covers the Elk and Antelope fields, the country's largest undeveloped gas resource.

An attorney for Pacific LNG, an emerging markets-focused affiliate of Zurich-based investment firm Clarion Finanz AG, said the deal coalesced rapidly.

“While every negotiation has its ups and downs and we had several very long and tense days and nights toward the end, the commitment to a fundamentally good deal for both parties, and the mutual respect of both teams for one another, were the key ingredients to making this important deal come together so quickly,” Daniel R. Rogers of King & Spalding LLP told Law360 in an email. “The transaction essentially came together and was agreed and signed following a 13-day period of intensive negotiations, which occurred mainly in Singapore. For a transaction of this scale and magnitude, I have never seen a deal move faster than this one.”

Rogers divides his time between the firm's Singapore and Houston offices.

Oil Search, the largest oil and gas producer in Papua New Guinea, has additional offices in oil-rich Iraq, United Arab Emirates, Australia, Yemen and Tunisia.

With the acquisition, Oil Search joins forces with InterOil Corp., a majority owner of the license. InterOil, an Australian oil and gas company with a market cap approaching $3 billion, owns 75.6114 percent of Petroleum Retention License 15.

“This partnership [with Oil Search] will enable us to tap these energy resources more quickly and cost-effectively — and that translates into real financial benefits for Papua New Guinea and the shareholders of the companies involved,” InterOil CEO Michael Hession said in a statement. “Oil Search is a logical partner for us in developing these large gas resources."

The remaining 1.5536 percent of the license is owned by a group of independent investors including French energy company Total SA, to which InterOil agreed to sell a stake of its interest in the license in December.

"We welcome Oil Search into our development of Elk-Antelope with Total [SA] and look forward to an even closer cooperation with the people and government of Papua New Guinea in the years ahead,” Hession said in the statement.

A representative for Oil Search couldn't be immediately reached for comment.

Oil Search had counsel from King & Wood Mallesons with a team led by Adrian Perkins that included James Slimnicanovski and Adrian Slack.

King & Spalding LLP represented Pacific LNG with a team led by Daniel R. Rogers and Benjamin R. Newland

[jft310]

Actually the OSH buy-in was done over a 13-day intense period.  Still pretty darn quick.

King & Wood Mallesons Guides $900M South Pacific Gas Deal

Share us on:TwitterFacebookLinkedInBy Andrew McIntyre0 Comments

Law360, New York (February 27, 2014, 2:56 PM ET) -- Oil Search Ltd. has purchased a stake in a mammoth untapped natural gas region in Papua New Guinea from Pacific LNG Group Cos. for $900 million, the companies announced Thursday.
In a move that expands its already large energy footprint in the region, Papua New Guinea-based Oil Search purchased a 22.835 percent stake in Petroleum Retention License 15 — which covers the Elk and Antelope fields, the country's largest undeveloped gas resource.

An attorney for Pacific LNG, an emerging markets-focused affiliate of Zurich-based investment firm Clarion Finanz AG, said the deal coalesced rapidly.

“While every negotiation has its ups and downs and we had several very long and tense days and nights toward the end, the commitment to a fundamentally good deal for both parties, and the mutual respect of both teams for one another, were the key ingredients to making this important deal come together so quickly,” Daniel R. Rogers of King & Spalding LLP told Law360 in an email. “The transaction essentially came together and was agreed and signed following a 13-day period of intensive negotiations, which occurred mainly in Singapore. For a transaction of this scale and magnitude, I have never seen a deal move faster than this one.”

Rogers divides his time between the firm's Singapore and Houston offices.

Oil Search, the largest oil and gas producer in Papua New Guinea, has additional offices in oil-rich Iraq, United Arab Emirates, Australia, Yemen and Tunisia.

With the acquisition, Oil Search joins forces with InterOil Corp., a majority owner of the license. InterOil, an Australian oil and gas company with a market cap approaching $3 billion, owns 75.6114 percent of Petroleum Retention License 15.

“This partnership [with Oil Search] will enable us to tap these energy resources more quickly and cost-effectively — and that translates into real financial benefits for Papua New Guinea and the shareholders of the companies involved,” InterOil CEO Michael Hession said in a statement. “Oil Search is a logical partner for us in developing these large gas resources."

The remaining 1.5536 percent of the license is owned by a group of independent investors including French energy company Total SA, to which InterOil agreed to sell a stake of its interest in the license in December.

"We welcome Oil Search into our development of Elk-Antelope with Total [SA] and look forward to an even closer cooperation with the people and government of Papua New Guinea in the years ahead,” Hession said in the statement.

A representative for Oil Search couldn't be immediately reached for comment.

Oil Search had counsel from King & Wood Mallesons with a team led by Adrian Perkins that included James Slimnicanovski and Adrian Slack.

King & Spalding LLP represented Pacific LNG with a team led by Daniel R. Rogers and Benjamin R. Newland

Palm thanks for keeping me on my toes.

Quick is good.

[ArtM72]

Palm thanks for keeping me on my toes.

Quick is good.

You're welcome JFT.  My guess is Total was in negotiation and bidding for E/A starting at least in December 2012.  Not quite two weeks, but close.

[sageo]

JFT-Yogi might have said " Quick is good...as long as it comes in a short period of time".( ha,have a great day!)

[kommonsents]

Palm thanks for keeping me on my toes.

Quick is good.

You're welcome JFT.  My guess is Total was in negotiation and bidding for E/A starting at least in December 2012.  Not quite two weeks, but close.

Hmmm.....Palm = Art = Palm ???