PNG's geography is one of the most rugged on earth. Add to this Elk/Antelope's remote and inaccessible location. But at least drilling some holes out there in the jungle served one important purpose: they were able to keep the "Guinness Book" stock promotion going while the insiders BLED their shares into the float.
Then why did major corporations after studying scientific information bid on Elk & Antelope gas fields to partner with IOC. Then why did a South American oil company just make a second payment of $55,000,000 for a 10% interest in an uncertified IOC gas field?
The operative word in the above statement is "REMAINS". The 9.8TCP won't remain unusable for long. Apparently, the bidders for the elk/antelope sell down must have done their homework! I don't think they are bidding to make a nature preseve out of the field.
cripps. Please explain where you got the "9.8TCP" number from. It is an "estimate" only subject to many contingencies and qualifications, no? There have been far lower "estimates", no? Why don't you mention those?
Also, bidders on a "sell down" are only saying what they would pay if the gas is monetized. THEY ARE NOT SAYING THEY WOULD INVEST BILLIONS OF THEIR OWN CAPITAL to actually build the infrastructure that is required before a single drop can be sold.
Yes, it would be safe, imo, to assume that bidders have done their homework.
Homework that would include reviewing all the shady characters involved in this biz and reviewing gas well data in the Guinness Book of World Records (LOL!)............
Which may be the reason why we have not yet heard ANY news from headquarters regarding the bids. If the bids were disappointing, how would you expect THIS management to react, other than stall, delay, obfuscate, rinse and repeat.