Duma on Radio Australia

[CAC]

It would be a mistake, IMO, to attach much significant to the content of Duma's speech. What he is really saying is " I am a powerful and important person." Only the most westernized of the PNG elite have adopted the understated and careful tones which are characteristic of the elite in the U.S. .

**********

Agreed.  I don't read Duma's comments as any indication that a deal with XOM won't ultimately be favored...only that he "has final say" and wants everyone to be reminded of it.  I do think PNG knows that they are the final party needed to sign-off and could use that as an opportunity to negotiate some small concessions or otherwise want to "feel important" in the process...rather than just quickly rubber-stamping it.  That could take some time. 

[jft310]

IMHO ,Duma got a house in Port Douglas the last time Exxon was approved and this speech is saying what will I get this time???O'Neil would say nada buddy is my take.

[Palm]

We'd hope that Duma has learned by now that things in PNG are different under O'Neill. But, maybe not so much with Duma. We've heard from Exxon that they do not feel hammering out the terms of a JVOA with IOC would take long. How long is that? Maybe Duma has heard a rumor that IOC and Exxon have indeed come to terms. This may be his announcement that, "This may be the case, but the DPE and government have the final say as far as approval." What other reason(s) would Duma have for speaking about this now?

[Dmarque]

IMHO ,Duma got a house in Port Douglas the last time Exxon was approved and this speech is saying what will I get this time???O'Neil would say nada buddy is my take.

Frankly, any comments by Duma at this point reminds me of children lighting sparklers before and after a full scale 4th of July fireworks presentation:

 

[admin]

Somewhat curious, this; in the last Conference call at around minute 8:20 Dr. Byker stated that the government was drafting a new Gas Agreement that would supercede the 2009 agreement and guide IOC and partner going forward in developing the asset. And that 2009 agreement is expiring pretty soon, so either the Gas Agreement is already finished, or, well, it seems pretty ludacrous to check it against a contract that will no longer be valid, unless the new contract is in place or very similar.

[SamAdams]

Per the company, the new Gas agreement supersedes the old PA.  Mr. Duma is "politcking" as they say.  More white noise is all, it seems.

[Getitrt2]

It would be a mistake, IMO, to attach much significant to the content of Duma's speech. What he is really saying is " I am a powerful and important person." Only the most westernized of the PNG elite have adopted the understated and careful tones which are characteristic of the elite in the U.S. .

**********

Agreed.  I don't read Duma's comments as any indication that a deal with XOM won't ultimately be favored...only that he "has final say" and wants everyone to be reminded of it.  I do think PNG knows that they are the final party needed to sign-off and could use that as an opportunity to negotiate some small concessions or otherwise want to "feel important" in the process...rather than just quickly rubber-stamping it.  That could take some time. 

Anything of that nature would be dealt with in the final negotiations with PNG on the gas agreement replacing the PA, which XOM would be involved in after signing the deal with IOC.  IOC and XOM will not wait for that to announce the deal in detail and file it with the SEC, simply making it conditional on the final gas agreement and approval of the government, a standard condition for any such deal for any company in PNG.

[Palm]

Per the company, the new Gas agreement supersedes the old PA.  Mr. Duma is "politcking" as they say.  More white noise is all, it seems.

Exactly Sam. That point has been made several times, but it gets lost in "translation". Duma likes to strut and make sure people know he is still there, but he also needs to follow proper policy and procedure and NEC will have the final as long as things are done in the best interests of PNG.