For those interested, Petreng has put together a very nice compendium of the licenses status and commitments. Very accurate and he's not afraid to post, on SHU, the danger facing IOC with these license renewals.
Of course, the SHU apostle credo is being clearly adhered to: "What, me worry?"
Not a single acknowledgement on SHU re Pet's warnings.
Apparently, contracts don't matter if you're an UBER.
More distortion from spieks. No acknowledgments of Pet's "warnings" because they are not warnings, just facts. IOC and the government have agreed to give all priority now to E/A and Triceratops, with planned drilling there in excess of mimimums. Extensions have been submitted and are expected on PPLs 236 and 238, with wells likely in those by March 2014, all within the terms of the "contracts", as you say.
My guess is that if IOC goes along with the Govt on all they want on EA that the govt will give them some slack on 1 or 2 PPL. Not all. If IOC allows Govt to take control and take the extra 27.5% at attractive terms.
Ridiculous speculation or deliberate distortion about things not allowable under any laws or contracts. PNG has an option for an additional 27.5% at commercial prices only, and it is not likely to be exercised with a sell down to an acceptable partner as expected, as all final bidders were acceptable.