Approved JVOA is CheckMate

[Tree]

Port Moresby and Houston, TX — InterOil Corporation (NYSE: IOC) (POMSoX: IOC) (“InterOil” or the “Company&rdquo today announced that the Joint Venture Operating Agreements (JVOA) relating to operations within Petroleum Retention License 15 and Petroleum Prospecting License 237 have been approved by the Minister for Petroleum and Energy and registered under the Oil and Gas Act.

As previously disclosed, InterOil has received bids from potential partners in connection with the development of the Gulf LNG project and an interest in the Elk and Antelope fields in Papua New Guinea. Confidential negotiations with more than one bidder are ongoing, and the process is moving forward as planned. InterOil will provide further comment once these discussions have closed and an agreement has been reached.

Check Mate.  JVOA agreements are detailed contracts outlining every aspect, construction schedules, operating entity, remedies for non-performance, financial obligations.  Every detail the partners need to legally operate and have all the bases covered are within a JVOA.

DPE has approved this new JVOA down to it's finest details and the only detail not in it will be the name(s) of IOC's selected partner(s).

Review the Mitsui JVOA.  123 pages of detail and the CSP is a fraction of this overall project.

http://www.sec.gov/Archives/edgar/data/1...xv99w1.htm

[jft310]

Can we assume this is a BULLISH sign. Wonder where my May 60 calls go today???Just a bit more to do June 60's. Options involving Interoil common can be dangerous to your financial health.Be careful and do your own DD.

[Palm]

All we have to do is look back at the JVOA for IOC and Mitsui to see what this means. "Rights and obligations" of each party ....... including FID. This is big to now have government approval for PRL 15 for the LNG project. Means any final bidders already have agreed to this.

[kommonsents]

Port Moresby and Houston, TX — InterOil Corporation (NYSE: IOC) (POMSoX: IOC) (“InterOil” or the “Company&rdquo today announced that the Joint Venture Operating Agreements (JVOA) relating to operations within Petroleum Retention License 15 and Petroleum Prospecting License 237 have been approved by the Minister for Petroleum and Energy and registered under the Oil and Gas Act.

As previously disclosed, InterOil has received bids from potential partners in connection with the development of the Gulf LNG project and an interest in the Elk and Antelope fields in Papua New Guinea. Confidential negotiations with more than one bidder are ongoing, and the process is moving forward as planned. InterOil will provide further comment once these discussions have closed and an agreement has been reached.

Check Mate.  JVOA agreements are detailed contracts outlining every aspect, construction schedules, operating entity, remedies for non-performance, financial obligations.  Every detail the partners need to legally operate and have all the bases covered are within a JVOA.

DPE has approved this new JVOA down to it's finest details and the only detail not in it will be the name(s) of IOC's selected partner(s).

Review the Mitsui JVOA.  123 pages of detail and the CSP is a fraction of this overall project.

http://www.sec.gov/Archives/edgar/data/1...xv99w1.htm

What are we to make of the plural aspects mention in the quote above?  Multiple partners?  Multiple projects?   All good, IMHO.

[jft310]

Today we know we have two partners PRE with Triceratops and the bidding is based on PRL 15 for partner bids and additional bids on 236 with a farm in agreement.Or we could have 3 partner besides the PNG govt and Civelli

[Tree]

"Confidential negotiations with more than one bidder are ongoing, and the process is moving forward as planned."

As planned. Tells me they have a deadline for these negotiations. Call it an updated bid. This week? Next week? All that is needed is to pick a partner and we have a project. Will we get simultaneous photo op with announcement?

[TxPm]

Apparently the market didn't view this event as big as they should have...

[kommonsents]

Lots of fear in the markets today, mostly red on my screen. Gold futures down over 140 earlier, down 122 now, silver down over 10%, oil down 2.50 below 89, most markets down. I'm surprised we are holding as well as we are. Could be green by end of the day.

[davidhmtk]

Lots of fear in the markets today, mostly red on my screen. Gold futures down over 140 earlier, down 122 now, silver down over 10%, oil down 2.50 below 89, most markets down. I'm surprised we are holding as well as we are. Could be green by end of the day.

Just back from hearing Wayne at the conference.  I left with the impression that the chosen partner (s) had had input as the JV agreements were drafted.

News to me - Kalinoe is also out as head negotiator for the Gas Committee, which is responsible for negotiating the gov't interest in the Gulf LNG project.

[Tree]

All we have to do is look back at the JVOA for IOC and Mitsui to see what this means. "Rights and obligations" of each party ....... including FID. This is big to now have government approval for PRL 15 for the LNG project. Means any final bidders already have agreed to this.

Mention of FID in release and Wayne's comments today of continued pre-construction spending which will speed construction and help control costs are big deals.

Mitsui/IOC KTA was signed early Jan. 2010.

It took 8 mos. to generate and execute the Mitsui/IOC JVOA.  That time period is not ahead of us.

This JVOA has approval and needs only to be merged with bidder and chosen scheme info.

There has been mention of ongoing FEEDs for each scheme and each bidder has shown ability to finance and these proposals have been approved by DPE.

Costs are likely known in each competing scheme.

We could whirlwind from LNG partner(s) selection to  FID in no time.