White Knight

[MartiniStocks9756]

We need one!

[Stavros]

That won't happen Martini

The PNG Government has a measurable ownership of OSH and will benefit handsomely by this screw job.
Therefore, any White Knight offer will be vetoed immediately

We need to VOTE NO on this GREAT DEAL.
Doing so will make things much more difficult for the Bastards; they will be forced to sweeten the pot because they need a merger to happen.

[Tree]

No white knight. XOM wants deal as well. Woodie won't be allowed in. PNG Gov't has big stake in OSH, their 'National Oil Co' and blesses this deal. Pouyanne's recent PNG visit and meeting with O'Neill and co. was about this deal, not Papua LNG site visit.
PNG LNG and Papua LNG JV's are now aligned for integration and that could never occur with a broke ass IOC with a majority stake. Just like last week, quality of this deal for IOC shareholders hinges of recert #s.

[Stavros]

We should FIGHT to get a fair deal.
Not a deal that is GREAT for OSH and GREAT for TOTAL and SHIT for IOC

1. 25% of OSH for us; not 14%
2. CVR at US$ 1.0 per mcfe; not US$ 0.77 per mcfe
3. CVR with a Floor Price of US$ 30.00

If we vote NO ... do you think TOTAL and OSH will be allowed by the Government to walk away from the deal?
We must vote NO and get the deal improved so that it is a VERY GOOD DEAL for all three companies

[Tree]

Can we force OSH to sweeten the deal? Possibly. No White Knight to leverage, no financial strength to leverage, no Gov't backing to leverage. What is our leverage beyond going into prevent D and gumming up the JV progression of Papua LNG?
We vote this down then what? Can we assume a better offer or dying on the vine?

[Palm]

Exactly. LT pps appreciation just like before, is our hope in this.

[Stavros]

I think that to a point we can definitely expect a better deal in return for swift approval.
If we go too far, and make it less than a GOOD DEAL then it could whither and die on the vine ... but that would take a very long time

I strongly suggest we make it clear that we want a better deal than Round 1

[ArtM72]

Exactly. LT pps appreciation just like before, is our hope in this.

just how much LT appreciation is left after OSH gives away 60% of IOC assets and the rest are diluted to thin drool?

[ArtM72]

Exactly. LT pps appreciation just like before, is our hope in this.

just how much LT appreciation is left after OSH gives away 60% of IOC assets and the rest are diluted to thin drool?

i can't get over the secrecy of the board's consideration given this offer and how it was dropped on us.  How long has this plan bee in the works?  Ever since the arbitration? Nah. From the start.  Make everything a secret, hide it behind a cloak and then steal it.

[Tree]

Exactly. LT pps appreciation just like before, is our hope in this.

just how much LT appreciation is left after OSH gives away 60% of IOC assets and the rest are diluted to thin drool?

I like this deal when placed in a perspective of reality.  Two my opinion, it is our best, fastest and surest direct route to where I believe our pps should be at production.

The math.  $40 today in OSH.  $15 in re-cert cash (minimally) = $55.  OSH has dropped 50% in last couple years and will recover with Oil recovery = $75.  Dividends/cash flow and large stakes in 2 LNG projects make OSH a very attractive takeover for some big LNG dog.  If OSH survives, we have big stakes in at least 2 LNG projects printing $ in 5 years and a chunk of every othe PNG project we want as the 'National Oil Co. of PNG' = $130

Without this deal, IOC was being bled to death.  If only Phil had done a deal in 2009 in spirit of our LNG agreement at realistic prices, we would now be loading boats in Port Moresby.  But, if Jeffrey Dalmer never ate kids he'd be a normal guy.