TLM is selling its interest (12%) in the oil pipeline along with two other owners, which together total maybe 25%+/- of the pipeline. I believe the $1.1 billion is probably for the entire 25%. TLM was hoping to receive $600+/- million from the sale of its interest. I'm still waiting for the 50,000 gpd (net to TLm) of oil production from Columbia that was a goal when it bought out BP's interest in Columbia with the Columbia National Oil Company a couple years ago. TLM still has a lot of work to do in this regard. What is interesting the sale price of the pipeline is close to what TLM paid for its interest in the BP assets. The pipeline was part of the BP assets that were purchased.
$595M seems very fair and they retain their rights to use the line(PE Firm Advent ended up holding a 22% share of this line)they will in effect be collecting the rent from TLM to help pay for the sale...so far so good all around here...a nice cleaned up pkg being moulded here.......Would be very interesting to see a post from the WSJ commenting on the progress of the Iraq/Kurdistan assets.....for the price of a cup of coffee news is available for all.....better than any disgrunted insider can provide.