From Treeczar at Yahoo, since he has done a fine job, here it is:
- A lot was said while being restrained by confidentiality agreements.
- Offering was 4 x oversubscribed. That is more than a $Billion and those buyers were told no at $75.
- Underwritten Offering tells the financial mkts that IOC and it’s resources were properly vetted. Scam claims put to bed once and for all – again. Put IOC is a different league in the eyes of the investment markets.
- IOC is now on a level playing field with potential JV partners in LNG negotiations.
- We have enough nattie NOW to execute the EWI 3mtpa and CSP, and enough money to meet our pipeline, infrastructure and marine obligations. Only 1 more well in Elk/Ant before 2013, as a redundancy measure.
- Final docs with EWI now being completed. Phil pushing for early 1st H 2011 modular equipment delivery from the Gulf US and Canada, which is already paid for BTW by EWI.
- EWI agreements allow for up to 8mtpa modular LNG in Oreo Bay. FLNGs are to be onboard by 2014, proper piping and hardware for them is being engineered.
- CSP and EWI LNG in parallel eliminates re-injection wells and allows upstream and midstream development alignment to save much money and time.
- Ant-2 Horizontals revealed more about Ant-2 than a 3rd vertical well could have.
- “We already have what we need to execute LNG Plant” That means money, CSP partner and enough gas.
- EWI is good on their financing end, and IOC/Pac LNG could even shoulder financial support if needed.
- Looks like all LNG production, including napanapa, will be in modular form. Why? It saves tons of production expense. Recent interest from a couple Majors in the modular scheme has kept Phil and his team jetting all around the world in talks. Phil’s voice perked up at this mention.
- Drilling not needed now, exploration to emphasize seismics and info gathering.
- Elk/Ant reef was ‘game changer’ and we have 5-6 more reefs.
- Summation: We now have enough gas, money and partners to build CSP and 3mtpa and are knee deep in LNG negotiations with JV and some new majors want in.