A6 spud 2Q 2015 per OSH

[Getitrt2]

http://event.on24.com/eventRegistration/console/EventConsoleHTML.jsp?titlecolor=000000&eventid=928839&sessionid=1&username=&partnerref=&format=fhaudio&mobile=false&flashsupportedmobiledevice=false&helpcenter=false&key=9B5C90D3BEF6C03FC50C212CDBCC7C0D&text_language_id=en&playerwidth=872&playerheight=593&eventuserid=113358721&contenttype=A&mediametricsessionid=89234929&mediametricid=1416264&usercd=113358721&mode=launch

minute 35

also, they expect concept selection by the JV before ye 2015

This is not correct, unless there has been some change not yet communicated by IOC, which I doubt.  On Jan 27 IOC's CEO stated, "Total has firmly indicated to the PNG Government and the market its indicative development timeline for Elk-Antelope.", and that includes, "concept selection before mid-2015".  That is also shown in second quarter on the "development timetable" on slide 12 of the Jan 12 Business Update on LNG development, which also indicates that would be followed immediately by FEED and CFT work starting in second quarter.

[Palm]

OSH is stating it properly as they are allowing for the now more probable spudding and completion of Ant 6 as well as not having final total results on Ant 4 and Ant 5 by mid-2015. We're days away from March and they are just getting ready to re-start drilling at Ant 4. In January they did not have the problems with Ant 4 that cropped up since. In a couple of weeks IOC will be presenting its 2014 annual report and commenting on where things are currently. Be ready for them to be singing more like OSH when that comes.

[Getitrt2]

Palm, that may be, but there is nothing from IOC indicating that yet, and we shall see. The problems with the A4 rig WERE in January, according to OSH's January month end update. Also, IOC had Ant 6 in its Jan 12 presentation as likely, and if the JV partners are picking a location, it would appear to be essentially a done deal. My understanding is that A6 is not needed for Concept Selection. Mid-year is still more than four months away. I see nothing here that should delay Concept Selection by anything like six months. It may be that I also place less credibility in what OSH says than some.

PS: I, and I would bet IOC and Total also, would love to beat Exxon to a three-train FID!

[jft310]

I would bet David's live presentation has the most current info ..
These 3 should be speaking same tune by now.

[Getitrt2]

I have some serious doubts IOC and OSH will ever be "speaking same tune". HA!

[KnowTheFacts]

Antelope Deep renamed Antelope South and should spud 2Q 2015

It will be interesting to see how the Elk/Antelope development timetable slide (#10) changes from the Hession presentation (see link below) delivered at CS end of January, when the 4Q2014/YE2014 earnings call is held in late March, if consistent with last year.

http://www.interoil.com/iocfiles/documen...0FINAL.pdf

[Li'loilady]

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minute 35

also, they expect concept selection by the JV before ye 2015

This is not correct, unless there has been some change not yet communicated by IOC, which I doubt.  On Jan 27 IOC's CEO stated, "Total has firmly indicated to the PNG Government and the market its indicative development timeline for Elk-Antelope.", and that includes, "concept selection before mid-2015".  That is also shown in second quarter on the "development timetable" on slide 12 of the Jan 12 Business Update on LNG development, which also indicates that would be followed immediately by FEED and CFT work starting in second quarter.

Getitrt got it right (I just don't know why OSH didn't):

Blanchard 2/18/15:  "We are still working on the conceptual studies, which we said to the authorities and our partners should be completed by May 2015. So we will be in a position to announce the concept in June 2015."

[jft310]

OSH may not be ready to tell its shareholders they will need to pay Civelli more money this year . It's not in their budget . I bet they would prefer a 2016 payment vs more out go in 2015 or it's tough being a minotify partner with a minority vote .

[davidhmtk]

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minute 35

also, they expect concept selection by the JV before ye 2015

Re-listened to Ian Munro, OSH head of Gas Business Development.  Minute 36.  Paraphrasing - "2015 will determine whether OilSearch will develop 2 or 3 new trains."  Note he didn't say one.

[jft310]

OSH point of view is 1 train add with Exxon and 1 or 2 with Interoil . Appears they need to review the Ant 5 results again . Open the money bank .