Directement de la bouche du cheval

[ArtM72]

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.

Hah! Now THAT is jaded.  We all see you are doing much better now" border="0" class="smilie" src="http://shareholdersunite.com/mybb/images/smilies/smile.gif" />

[Kaliboo]

Straight from the horse's mouth

http://www.total.com/en/media/news/press...oil-assets

Papua New Guinea: Total statement regarding Interoil assets

July 20, 2016

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.

. Great comment.  However, I don't think they leave it in PNG.  These SMs may have some other areas of competition or joint activity where arrangements can be made there to help the deal here in PNG.  I think XOMs goal is to be the only LNG plant in PNG.  The want to keep the government controlled to a degree.

[jft310]

Kal I think you are spot on . Additionally Total has built an LNG trading office in Singapore . Now they need some gas to trade !!Exxon wants to expand so if they don't deal like OSH and Total did we have a SM battle

[ArtM72]

Kal I think you are spot on . Additionally Total has built an LNG trading office in Singapore . Now they need some gas to trade !!Exxon wants to expand so if they don't deal like OSH and Total did we have a SM battle

Actually, I think both Exxon and Total like the security aspects of each others' presence. Would you rather depend upon 100% USA protection or would you like France to back your security as well?

[ebster123]

XOM has no love for TOT, Oil Search or IOC. They care about asset and share appreciation. XOM makes money from TOT at this price and even higher because TOT has to pay down the road at certification (all been said before). Total may want a deal from XOM but XOM is in the driver seat. I see one or two more volleys between the two before it is over IF no other SM steps in. Woodside and RDS may show their heads before this is complete. Time will tell...

[wapitidropiti]

XOM has no love for TOT, Oil Search or IOC. They care about asset and share appreciation. XOM makes money from TOT at this price and even higher because TOT has to pay down the road at certification (all been said before). Total may want a deal from XOM but XOM is in the driver seat. I see one or two more volleys between the two before it is over IF no other SM steps in. Woodside and RDS may show their heads before this is complete. Time will tell...

Time will tell.  The last seven years has been waged in the trenches with no reconnaisance and huge short support. Somebody waged that war and I think that it is XOM. Now we are out in the open. Total not making an offer is a dumb discussion-they will make one. But XOM is still in the driver's seat and they always have been. 1 XOM for 1 IOC and Rex take it out of the petty cash for Timbuktu. It will be the best move of your realm.