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InterOil Corporation Message Board

  • julio1enrique julio1enrique Nov 29, 2012 9:42 AM Flag

    PRE deal: the key words

    Based on current cost assumptions and assuming the full work program is completed, the initial cash payments and work program consideration are estimated to represent a combined total value of US$345 million, plus a final resource payment as outlined below.

    The final resource payment is intended to be determined after completion of the planned Triceratops-8 appraisal well, and calculated on volumes based on the total amount of Certified Resources within the Triceratops structure comprised of gas classified as 1P or 1C, at US$3.85/mmbtu, and 2P or 2C at US$2.85/mmbtu, and condensate or oil classified as 1P or 1C, at US$36/boe and 2P or 2C at US$30/boe; less adjustments related to the initial cash payments and the carried costs. The final resource payment will be paid out over time, similar to a royalty payment structure, with InterOil and other upstream interest holders receiving 70% of all cash flows from PRE’s participating interest in commercial sales proceeds until the entire final resource payment is paid in full.

    Sentiment: Strong Buy

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    • from 2011 News re: PRE
      ===================


      By Anastasia Moloney Bogota 11 November 2011

      Ongoing strike action by thousands of Colombian oil contractors against Pacific Rubiales Energy, coupled with attacks on the company’s installations and weeks of labour protests, have raised questions about whether future unrest will be a recurring problem facing Colombia’s booming oil sector.
      The Toronto-based oil producer Pacific Rubiales operates the Rubiales and Quifa fields in Colombia’s eastern Meta province, accounting for around a quarter of the country’s total crude output.

      Violent demonstrations in September forced the company to halt production for several days and declare force majeure, leading to a 6.4% reduction in Colombia’s September crude output compared to August. Last month, the government brokered a deal between the Canadian company and workers, which included promises to raise monthly pay, improve working conditions, and hire more non-skilled labourers from the local area.

      Better perks The company also announced it will be investing an additional $25 million to improve workers’ living areas and recreational facilities.

      However, Colombia’s main oil workers’ union, USO, which represents about 14,000 workers at the Rubiales and Quifa oilfields, says it does not agree with the deal reached, raising the possibility of more protests flaring up amid ongoing tensions between the union and Pacific Rubiales.

      The government and Pacific Rubiales have largely blamed the disturbances on politically motivated agitators acting ahead of last month’s local elections, which is traditionally a time of heightened violence in Colombia...

    • zimmerbros@rocketmail.com zimmerbros Nov 29, 2012 10:59 AM Flag

      Kenny. PRE has a long history of labor unrest in Columbia. This article is from 2011 but it will give you a taste....
      -------------------------------

      High alert: the Campo Rubiales installation in Meta, Colombia. REUTERS


      By Anastasia Moloney Bogota 11 November 2011

      Ongoing strike action by thousands of Colombian oil contractors against Pacific Rubiales Energy, coupled with attacks on the company’s installations and weeks of labour protests, have raised questions about whether future unrest will be a recurring problem facing Colombia’s booming oil sector.

      The Toronto-based oil producer Pacific Rubiales operates the Rubiales and Quifa fields in Colombia’s eastern Meta province, accounting for around a quarter of the country’s total crude output.

      Violent demonstrations in September forced the company to halt production for several days and declare force majeure, leading to a 6.4% reduction in Colombia’s September crude output compared to August. Last month, the government brokered a deal between the Canadian company and workers, which included promises to raise monthly pay, improve working conditions, and hire more non-skilled labourers from the local area.

      Better perks The company also announced it will be investing an additional $25 million to improve workers’ living areas and recreational facilities.

      However, Colombia’s main oil workers’ union, USO, which represents about 14,000 workers at the Rubiales and Quifa oilfields, says it does not agree with the deal reached, raising the possibility of more protests flaring up amid ongoing tensions between the union and Pacific Rubiales.

      The government and Pacific Rubiales have largely blamed the disturbances on politically motivated agitators acting ahead of last month’s local elections, which is traditionally a time of heightened violence in Colombia.....

    • $2.85 or 3.85 depending on the classification of the gas!! So we only can have a positive surprise as all we initially heard was the $2.85 deal.
      ed

      Sentiment: Strong Buy

 
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