Triggers for Buyout Offer

[petrengr1]

If I was a Major and I was contemplating making an offer to Buy IOC, I would wait until a couple of things are publicly announced.

1. IOC announces completion of the buyback of the IPI partners interest.

2. The PNG Government announces the renewal of all of the IOC licenses- PPL 236, PPL 237 and PPL 238.

No. 1 above needs to happen before “Completion” of Deal with Total.

No. 2 above probably needs to happen before IOC farms out a percentage of the licenses to Total or others.

I would make my offer immediately after both No. 1 and No. 2 are announced and before the “Completion” event with Total takes place.

By buying IOC at this time I would own (before Gov’t takes their 22.5%) 100% of PRL 15, 100% PPL 236, 87.1 % of PPL 237 and 100%  of PPL 238.

[Getitrt2]

I agree, petrengr1, but you would also own I believe 87.1% of the new PRL for Triceratops just approved.

[petrengr1]

I agree, petrengr1, but you would also own I believe 87.1% of the new PRL for Triceratops just approved.

Yes! Thank you. I forgot that one.

[sageo]

Pet  and Getit - Imo you guys are"spot on". I will always like the "long haul" situation, but if a buyout offer was to be made, your thinking on the time frame would be on the mark. Good luck,men.

[petrengr1]

If I was a Major and I was contemplating making an offer to Buy IOC, I would wait until a couple of things are publicly announced.

1. IOC announces completion of the buyback of the IPI partners interest.

2. The PNG Government announces the renewal of all of the IOC licenses- PPL 236, PPL 237 and PPL 238.

No. 1 above needs to happen before “Completion” of Deal with Total.

No. 2 above probably needs to happen before IOC farms out a percentage of the licenses to Total or others.

I would make my offer immediately after both No. 1 and No. 2 are announced and before the “Completion” event with Total takes place.

By buying IOC at this time I would own (before Gov’t takes their 22.5%) 100% of PRL 15, 100% PPL 236, 87.1 % of PPL 237 and 100%  of PPL 238.

If I was Total (since they have exclusive farm-in rights) and I had interest in Buying IOC I would press IOC to finalize the farm-in deal on all license areas as soon as possible, even before the Government renews the licenses. This would give me (Total) a leg up on all of the competition and I would still have a percentage of the licenses even if another Super Major was successful in buying out IOC.

[trans]

If I was a Major and I was contemplating making an offer to Buy IOC, I would wait until a couple of things are publicly announced.

1. IOC announces completion of the buyback of the IPI partners interest.

2. The PNG Government announces the renewal of all of the IOC licenses- PPL 236, PPL 237 and PPL 238.

No. 1 above needs to happen before “Completion” of Deal with Total.

No. 2 above probably needs to happen before IOC farms out a percentage of the licenses to Total or others.

I would make my offer immediately after both No. 1 and No. 2 are announced and before the “Completion” event with Total takes place.

By buying IOC at this time I would own (before Gov’t takes their 22.5%) 100% of PRL 15, 100% PPL 236, 87.1 % of PPL 237 and 100%  of PPL 238.

If I was Total (since they have exclusive farm-in rights) and I had interest in Buying IOC I would press IOC to finalize the farm-in deal on all license areas as soon as possible, even before the Government renews the licenses. This would give me (Total) a leg up on all of the competition and I would still have a percentage of the licenses even if another Super Major was successful in buying out IOC.

I would prefer they wait ....there are too many unanswered questions that shareholders don't know and should know about this deal and both companies should deal with the situation.    We're not even sure why TOT isn't supporting IOC's view on reserves potential ahead.    fwiw