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Straight from the horse's mouth
http://www.total.com/en/media/news/press...oil-assets
Paris – Following the May 2016 offer by Oil Search to acquire Interoil, and the Memorandum of Understanding entered into by Total and Oil Search, a competing offer to acquire Interoil has been made by ExxonMobil.
Under the Arrangement Agreement between Oil Search and InterOil, Oil Search has the opportunity to submit a revised offer before or after any agreement is entered into by Interoil and ExxonMobil.
Total is analyzing the competing offer in line with its demonstrated policy for capital discipline on acquisitions and investments and taking into account the most recent 2C resource certification of Elk Antelope of under 6.5 tcf completed in July 2016.
Total is the operator of the Elk and Antelope fields and Total is already and will remain the largest shareholder in PRL15 with a 31.1% interest, alongside partners Oil Search (17.7%) and InterOil (28.3%), post the government back-in right of 22.5%.
Total considers that the initial offer by Oil Search for InterOil represented a fair value for the Interoil’s assets and Total was keen to increase its share in the project for such a value. It was also clear to Total that a portion of the acquired interests would have to be offered to certain LNG buyers and also to PNG LNG participants in order to develop synergies between the Papua LNG project and the PNG LNG project.
Total, as operator of PRL15, is committed to cooperate with the PNG LNG project in order to maximize the value of the Elk and Antelope fields for the benefit of the country of Papua New Guinea and the shareholders of PRL-15.
"And maybe someday we will find , that it wasn't really wasted time"
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We will have to wait and see what happens. It appears to me that total is posturing. Total will NOT sell out of png to Exxon. That notion is ludicrous for so many reasons. All the majors especially Exxon and total have publicly stated their commitment to natural gas in the future and are positioning themselves for this.
I foresee a bid by total. The mention of the third party appraisals is bull and they know it. This leaves them the flexibility to bid or not bid. Just keeping their options open.
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Total publicly is reaching out to Exxon for a deal on Interoil assets so they do not get into a bidding war .
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'Gator' pid='74401' datel Wrote:
Straight from the horse's mouth
http://www.total.com/en/media/news/press...oil-assets
Paris – Following the May 2016 offer by Oil Search to acquire Interoil, and the Memorandum of Understanding entered into by Total and Oil Search, a competing offer to acquire Interoil has been made by ExxonMobil.
Under the Arrangement Agreement between Oil Search and InterOil, Oil Search has the opportunity to submit a revised offer before or after any agreement is entered into by Interoil and ExxonMobil.
Total is analyzing the competing offer in line with its demonstrated policy for capital discipline on acquisitions and investments and taking into account the most recent 2C resource certification of Elk Antelope of under 6.5 tcf completed in July 2016.
Total is the operator of the Elk and Antelope fields and Total is already and will remain the largest shareholder in PRL15 with a 31.1% interest, alongside partners Oil Search (17.7%) and InterOil (28.3%), post the government back-in right of 22.5%.
Total considers that the initial offer by Oil Search for InterOil represented a fair value for the Interoil’s assets and Total was keen to increase its share in the project for such a value. It was also clear to Total that a portion of the acquired interests would have to be offered to certain LNG buyers and also to PNG LNG participants in order to develop synergies between the Papua LNG project and the PNG LNG project.
Total, as operator of PRL15, is committed to cooperate with the PNG LNG project in order to maximize the value of the Elk and Antelope fields for the benefit of the country of Papua New Guinea and the shareholders of PRL-15.
Translation: We are willing to sell you gas for your third train, so don't bid after we do tomorrow.
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(07-21-2016, 01:50 AM)davidhmtk Wrote:
(07-21-2016, 01:34 AM)Gator Wrote:
Straight from the horse's mouth
http://www.total.com/en/media/news/press...oil-assets
Paris – Following the May 2016 offer by Oil Search to acquire Interoil, and the Memorandum of Understanding entered into by Total and Oil Search, a competing offer to acquire Interoil has been made by ExxonMobil.
Under the Arrangement Agreement between Oil Search and InterOil, Oil Search has the opportunity to submit a revised offer before or after any agreement is entered into by Interoil and ExxonMobil.
Total is analyzing the competing offer in line with its demonstrated policy for capital discipline on acquisitions and investments and taking into account the most recent 2C resource certification of Elk Antelope of under 6.5 tcf completed in July 2016.
Total is the operator of the Elk and Antelope fields and Total is already and will remain the largest shareholder in PRL15 with a 31.1% interest, alongside partners Oil Search (17.7%) and InterOil (28.3%), post the government back-in right of 22.5%.
Total considers that the initial offer by Oil Search for InterOil represented a fair value for the Interoil’s assets and Total was keen to increase its share in the project for such a value. It was also clear to Total that a portion of the acquired interests would have to be offered to certain LNG buyers and also to PNG LNG participants in order to develop synergies between the Papua LNG project and the PNG LNG project.
Total, as operator of PRL15, is committed to cooperate with the PNG LNG project in order to maximize the value of the Elk and Antelope fields for the benefit of the country of Papua New Guinea and the shareholders of PRL-15.
Translation: We are willing to sell you gas for your third train, so don't bid after we do tomorrow.
Bingo. If they were walking away now, the share price would already have pulled back.
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Also I am not expecting a bid from Total tonight...Only Oil Search's position. If OSH pulls out, Total can still bid prior to the Exxon Vote.
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'Gator' pid='74401' datel Wrote:
Straight from the horse's mouth
http://www.total.com/en/media/news/press...oil-assets
Paris – Following the May 2016 offer by Oil Search to acquire Interoil, and the Memorandum of Understanding entered into by Total and Oil Search, a competing offer to acquire Interoil has been made by ExxonMobil.
Under the Arrangement Agreement between Oil Search and InterOil, Oil Search has the opportunity to submit a revised offer before or after any agreement is entered into by Interoil and ExxonMobil.
Total is analyzing the competing offer in line with its demonstrated policy for capital discipline on acquisitions and investments and taking into account the most recent 2C resource certification of Elk Antelope of under 6.5 tcf completed in July 2016.
Total is the operator of the Elk and Antelope fields and Total is already and will remain the largest shareholder in PRL15 with a 31.1% interest, alongside partners Oil Search (17.7%) and InterOil (28.3%), post the government back-in right of 22.5%.
Total considers that the initial offer by Oil Search for InterOil represented a fair value for the Interoil’s assets and Total was keen to increase its share in the project for such a value. It was also clear to Total that a portion of the acquired interests would have to be offered to certain LNG buyers and also to PNG LNG participants in order to develop synergies between the Papua LNG project and the PNG LNG project.
Total, as operator of PRL15, is committed to cooperate with the PNG LNG project in order to maximize the value of the Elk and Antelope fields for the benefit of the country of Papua New Guinea and the shareholders of PRL-15.
If there are more actors behind the curtain, TOT may well wait for the XOM bid to go through the formalities, with date pushed back, before making any offer.
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'katytrader' pid='74410' datel Wrote:
'Gator' pid='74401' datel Wrote:
Straight from the horse's mouth
http://www.total.com/en/media/news/press...oil-assets
Paris – Following the May 2016 offer by Oil Search to acquire Interoil, and the Memorandum of Understanding entered into by Total and Oil Search, a competing offer to acquire Interoil has been made by ExxonMobil.
Under the Arrangement Agreement between Oil Search and InterOil, Oil Search has the opportunity to submit a revised offer before or after any agreement is entered into by Interoil and ExxonMobil.
Total is analyzing the competing offer in line with its demonstrated policy for capital discipline on acquisitions and investments and taking into account the most recent 2C resource certification of Elk Antelope of under 6.5 tcf completed in July 2016.
Total is the operator of the Elk and Antelope fields and Total is already and will remain the largest shareholder in PRL15 with a 31.1% interest, alongside partners Oil Search (17.7%) and InterOil (28.3%), post the government back-in right of 22.5%.
Total considers that the initial offer by Oil Search for InterOil represented a fair value for the Interoil’s assets and Total was keen to increase its share in the project for such a value. It was also clear to Total that a portion of the acquired interests would have to be offered to certain LNG buyers and also to PNG LNG participants in order to develop synergies between the Papua LNG project and the PNG LNG project.
Total, as operator of PRL15, is committed to cooperate with the PNG LNG project in order to maximize the value of the Elk and Antelope fields for the benefit of the country of Papua New Guinea and the shareholders of PRL-15.
If there are more actors behind the curtain, TOT may well wait for the XOM bid to go through the formalities, with date pushed back, before making any offer.
Tomorrow is a guess, I do think they will want to avoid paying a second breakup fee.
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Total is begging don't screw us Exxon . Those payments weigh heavy . It's business why should Exxon let Total off the hook !! Not to say they will not cut a deal in Exxons favor of course ,
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'cybersssss' pid='74408' datel Wrote:Also I am not expecting a bid from Total tonight...Only Oil Search's position. If OSH pulls out, Total can still bid prior to the Exxon Vote.
It is to Total's benefit to let OSH pull out. Total will then collect 20% of the $60 million IOC break fee ($12 million) and be free to submit its own bid over the next few weeks.
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