Posts: 4,164
Threads: 1,500
Joined: Dec 2011
Reputation:
268
The roasting embers of an IOC merge, takeover or PRL15 sale with TOT, OSH or Woodside have been fanned and the smoke is getting thicker. Hession's earlier comments of 25Ts and more recent pumping Ant-5 :
"Antelope-5 has the best reservoir thickness, quality and fracture density of all wells on the field, which signifies a world-class reservoir,"
TOT PNG boss, Botten and Hession together with O'Neill were at Ant-5 to kick-off testing. TOT states nada, OSH states Ant-5 is in line with their pre-drill assessments. Think it's just normal for Hession to be publicly leveraging value to pre-certified resource as OSH and TOT stand mute?
Chandler should make a bid for IOC now. Goose the pps. Make IOC more expensive for TOT, OSH, Woodside or JP, CH.
Put your number out there Richard with the knowledge that you don't want the company and that you cannot win if you did. Big Co's aren't speculative. It is time for energy speculators with inside knowledge of exactly what is underground to make the move for IOC. Chandler could even partner with Civelli and toss in Mulacek. Add to the market cap with the failed attempt. This sets a reasonably strong pps to begin serious talks.
Posts: 689
Threads: 43
Joined: Jan 2012
Reputation:
54
Posts: 8,568
Threads: 1,342
Joined: Dec 2011
Reputation:
380
For the right price sell me PRL-15 seems like a no brainer
Posts: 2,623
Threads: 61
Joined: Dec 2011
Reputation:
225
04-30-2015, 05:57 AM
(This post was last modified: 04-30-2015, 06:00 AM by Getitrt2.)
As I said elsewhere in the "Takeover by Total" thread, "I also totally disagree with his (Stavros's) valuation of IOC's PRL 15 interest, which is not just E/A, and opinion on such a sale being desirable or likely, and agree more with CAC's comments on that. However, IOC's interest in the LNG project is extremely valuable, including its interest in AS and other gas in PRL 15 in addition to E/A, probably much more than any offer for that interest, and fits the Company's strategy, and is unlikely to be sold, imo. I think it would have to be part of a buyout of the entire Company at a much higher price than anyone is talking about here." Theoretically, there is a "right price" for essentially everything, but I do not think selling PRL 15 is a "no brainer".
Posts: 615
Threads: 20
Joined: Jun 2012
Reputation:
122
I think your evaluation of the situation has merit, Getitrt. AS has been called an elephant by IOC management and it needs to drilled to see if that is the case. Raptor extends into PRL 15, according to the maps we've seen. And then there is Mule Deer and Whitetail. It may be that there are more undiscovered TCFs in PRL 15 than discovered. Selling PRL 15 before it's well explored seems unwise to me. I think a better strategy would be to see what we've got first.
Posts: 8,568
Threads: 1,342
Joined: Dec 2011
Reputation:
380
The quote about selling E/A alone is from Taureka who should know . Not a shot in the dark . The way the oil and gas business works sometimes is we will pay you X but if we produce more we will pay you Y in addition to X. That way isn't worth as much as what Hession did get 2 recertification payments for your asset at your call date .
One has to ask why did Taureka state what he stated . ?Or there is a way to structure a deal for PRL 15 and get Interoil paid on anything found in that asset.
Posts: 2,623
Threads: 61
Joined: Dec 2011
Reputation:
225
'jft310' pid='57494' datel Wrote:The quote about selling E/A alone is from Taureka who should know . Not a shot in the dark . The way the oil and gas business works sometimes is we will pay you X but if we produce more we will pay you Y in addition to X. That way isn't worth as much as what Hession did get 2 recertification payments for your asset at your call date . One has to ask why did Taureka state what he stated . ?Or there is a way to structure a deal for PRL 15 and get Interoil paid on anything found in that asset.
As I explained in detail elsewhere, "selling E/A alone" IS NOT A QUOTE FROM TAUREKA, and imo is not even what he meant by what he did say. "A shot in the dark" by you I would say is actually a good way to describe it, now that you mention it, again. IOC remaining ownership in PRL 15 as part of an LNG project is worth much more, including on a present value basis, than any variable or other amount it would get in a resource sale now, and I feel sure Taureka knows that and that it is not part of their strategy now.
Posts: 2,623
Threads: 61
Joined: Dec 2011
Reputation:
225
'Thylacine-2' pid='57490' datel Wrote:I think your evaluation of the situation has merit, Getitrt. AS has been called an elephant by IOC management and it needs to drilled to see if that is the case. Raptor extends into PRL 15, according to the maps we've seen. And then there is Mule Deer and Whitetail. It may be that there are more undiscovered TCFs in PRL 15 than discovered. Selling PRL 15 before it's well explored seems unwise to me. I think a better strategy would be to see what we've got first.
Well stated and further explained, Thylacine! All that is definitely a major part of the reasons for not selling the remaining interest.
Posts: 8,568
Threads: 1,342
Joined: Dec 2011
Reputation:
380
The quote is selling Elk Antelope Alone . Just a quote not a shot but verbatim from the article . Enjoy the ride Getit lots of ways to get things done .
Posts: 2,623
Threads: 61
Joined: Dec 2011
Reputation:
225
05-01-2015, 01:58 AM
(This post was last modified: 05-01-2015, 02:02 AM by Getitrt2.)
jft, where are your quotation marks? Taureka did NOT use the word "selling", and the subject of the article from the interview was a possible buyout of the COMPANY.
Here is the article; show us that quotation:
By Brian Spegele
BEIJING-- InterOil Corp., the independent oil-and-gas company working with France's Total SA to explore one of Asia's largest undeveloped gas fields, isn't ruling out a possible takeover if the price is right, a senior InterOil executive said.
"You never say never," said Isikeli Taureka, InterOil's executive vice president in an interview on the sidelines of a natural-gas conference in Beijing. "If anybody comes along and offers a price and it's the right price, then you've got to take it back to the shareholders to make that decision."
His comments came as an upheaval in global gas markets threatens to spawn a new industry consolidation.
Mr. Taureka said the company is currently focused on completing an appraisal of resources at Papua New Guinea's onshore Elk-Antelope gas field. A spokeswoman for InterOil said there was no deal currently in the pipeline.
Industry analysts have said InterOil's resource base in Papua New Guinea could make it a potentially attractive target for deals-hungry energy companies eager to capitalize on a drop in oil-and-gas prices that has left many firms reeling. For example, Credit Suisse has described InterOil as an "obvious choice" as a target for Australia's Woodside Petroleum Ltd. InterOil has a market capitalization of around $2.46 billion.
"When you add it all up, a lot of people are quite envious, particularly in Elk-Antelope alone. That is probably the largest discovery in Southeast Asia for the last 20 years," said Mr. Taureka.
InterOil is part of a joint venture with Total and Papua New Guinea's Oil Search Ltd. to develop the reserves, and to eventually ship them to gas-hungry Asian markets in the form of liquefied natural gas. Mr. Taureka said a final-investment decision on a proposed LNG export facility would come around 2017, and that discussions to contract Asian gas buyers--particularly in China--would get under way soon. Total would service the operator.
Papua New Guinea's significant natural-gas reserves are particularly attractive for global energy companies, given the nation's relatively proximity to Asian gas markets such as China and Japan, and strong backing from the country's government. Exxon Mobil Corp. began operating an LNG project in the country last year. InterOil, citing analyst estimates, says its project is one of the cheapest among its peers.
Oversupplies in global gas markets have forced companies to begin shelving planned LNG terminals. In Asia, LNG spot prices have fallen drastically: Data provider Platts said this week spot LNG prices for northeast Asia delivery in May had fallen 52.6% year-over-year to $7.38 per million British thermal units.
Today, the industry faces additional uncertainty after Royal Dutch Shell PLC's bid to purchase the U.K.'s BG Group, in a deal valued at about $70 billion.
The bid by Shell and BG to build a new LNG giant to serve emerging energy-hungry economies in Asia and beyond could spur additional industry consolidation as smaller players look to keep up, industry executives and analysts say. While Mr. Taureka said LNG development in Papua New Guinea would remain competitive given its proximity to Asian markets, he said the Shell-BG deal presented new circumstances for the industry to adjust to.
"Obviously [it means] a new set of dynamics for all the LNG players," he said of the deal. "They present a pretty powerful equation in the market."
Write to Brian Spegele at brian.spegele@wsj.com
Do you have another article with something different like you claim?
|
