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InterOil Corporation Message Board

  • CommanderCricket CommanderCricket Jan 27, 2012 8:27 AM Flag

    The PNG political problems aren't stopping these guys from going forward.

    he PNG political problems aren't stopping these guys from going forward.

    Horizon, Talisman make Stanley FID Australian independent Horizon Oil and Canadian company Talisman Energy will proceed with their Stanley field gas condensate project in Papua New Guinea after reaching a final investment decision today.

    Andrew Hobbs 27 January 2012 09:31 GMT

    The companies each own a 50% stake in Petroleum Retention Licence 4, situated in the west of the nation close to the Indonesian border.

    Horizon, which will be operator of the project, said in an announcement today that it expected to produce about 140 million cubic feet of gas, of which 4000 barrels per day would be recovered using a two-train refrigeration plant.

    Any gas not sold would be re-injected into a reservoir and saved until required for sale, Horizon said, with negotiations with potential buyers currently underway.

    Front end engineering and design on the project had been completed, with the cost of developing the entire resource estimated at about $300 million.

    Horizon said its target of first production by the end of 2013 was “aggressive, but achievable” provided there were no delays in the approval process.

    The FID approval was also contingent on Horizon receiving debt financing on satisfactory terms.

    As Upstream reported in November last year, the licence has recoverable gas reserves on a contingent basis are of 361 billion cubic feet while recoverable condensate is at 11.4 million barrels.

    The project would initially be developed as a condensate recovery project, with gas sales to take place as potential customers, envisaged to be either domestic or large industrial customers, were contacted.

    Having made the decision, Horizon said both it and Talisman would apply for a production development licence for the project from the PNG government by the second quarter of this year, expecting to receive it by the third quarter of 2012.

    If awarded, this would trigger a right held by government nominee Petromin PNG to take a 22.5% interest in the project by reimbursement of both Horizon’s and Talisman’s allowable past costs associated with that interest.

    If that were to happen, the stakes of Horizon and Talisman would be reduced to 38.75% each.

    Published: 27 January 2012 09:31 GMT | Last updated: 27 January 2012 09:33 GMT

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    • "I hope to find shares of IOC buried there."

      watch it Eric..a lot of dogshit there too...

    • Thank you.

      I know what you think, but the more you write or say it makes it no more logical or significant. You are getting all twisted up in this thing, and missing the big picture. Again, you are taking things so very literally, and need to be more figurative. I think this is a common ailment with IOC pumpers.

      Re: playing my game, I got a chuckle out of that one. I think you are projecting yet again.

      Until tomorrow's exciting trading day, which should be another yawner. It stinks not having any news and not being to play my options trade. I need some press releases already!

    • Oh, sorry. Have a good night

    • Bother to bring up this old posting? Just playing your game Eric. See bonk buys into logic as I presented it. Remember he is a Trekie and the Spock of this board. Very logical, very black and white. I'm just asking how his logic would work here, and actually should be something you ascribe to. It's the same as someone in court would employ; you know, just like you talk about in your years as an expert crime dog, rooting out those that deceive others in the corporate world. Or is that Barry Minkow?

      Anyway, bonk's statement that it's his opinion that it is not wise to proclaim FID without having a PDL in hand must mean that he should feel that Horizon and Talisman made an unwise decision. Yet he argues that it was a good decision for all the reasons he presents. Therefore either he has contradicted his own opinion, or he actually feels that in certain circumstances (based on the parties to the deal and all the knowledge they have of the situation), it can make sense and be wise to proclaim FID before a PDL is in hand.

    • I have some news for you, factoid. I think Bonk's logic is just that, quite logical. You see things in your very narrow, black and white way, and moreover, the fact that you would even bother to bring up this old post is telling. Whatever. You really do miss the forest in the trees.

      I think what Bonk and others, including your truly, would say is that what matters is not some unilaterial declaraion of FID, but an FID where the financing has been committed to, by both debt and equity providers, and these capital providers actually have the werewithal to fulfill the obligations required of FID. The concern is that debt holders will require government approval in the form of a PDL in order for them to commit. It is a chicken and egg thing.

      And, just so you know, I declared FID on a new exploration project in my backyard. I hope to find shares of IOC buried there.

      Have a great night...

    • Raise,
      Thanks for the clarification on identities. Seemed odd that Callyou answered my question to you.

      Keep in mind that a PDL could be many months away. IOC and partners haven't applied for one a have no need to at this point.

    • you seem to be cooling a bit on the IOC story recently raiseyou...

    • Pomanian,

      I am aware that the PDL is a formality that will come soon after the NEC approves of the project.

      And no, Callyou and I are not the same person. I cannot swear that we are not distantly related as neither one of us has a clue who the other is.

      Thanks for your comments,


    • Its done routinely. Bonk may make some good points sometimes, but this isnt one of them.

    • Are you Raise too?

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