At the meeting a management presentation was provided with an update on our business and strategies. Highlights regarding our previously announced proposed transaction with ExxonMobil Papua New Guinea Ltd. in the presentation include:
The sell-down is progressing on schedule as planned.
InterOil signed a detailed term sheet with ExxonMobil Papua New Guinea Ltd. (EMPNG), after major items, both commercial and technical, had already been agreed.
EMPNG, InterOil and Pacific LNG are engaged in finalizing a binding agreement.
The proposed transaction would monetize sufficient resource to cover our share of infrastructure costs and fund exploration while retaining maximum upside for IOC equity interests.
Post-negotiations, InterOil and Pacific LNG have clear path to resource monetization.
The purchase of an interest in PRL 15 is not contingent on resource recertification.
InterOil believes the best strategy to develop its resources is a dual-development path; which includes EMPNG at its PNG LNG facility, and an LNG facility in the Gulf Province.
Love the note that says, " The sell-down is progressing on schedule as planned" - then why the heck can't you give us a time frame? If that is not double talk, then I am a monkeys Uncle. DOESN'T that bother anyone else ? You cannot see the forest through the trees then.. You all will look back and say, " that guy was right on and I should have read what he read" !
Their lawyers have told them not to give specific timelines due to potential liability. This is common sense when you are dealing with third parties like Exxon and PNG government which IOC has no control of.
"Love the note that says, " The sell-down is progressing on schedule as planned" - then why the heck can't you give us a time frame?"
Exactly! Instead of Wayne stating that the 60 day exclusive negotiations weren't a window. How about setting some expectations instead of letting us hang in the wind after a sell-down/LNG bid process that was suppose to be complete months ago. with all those "conforming bids" to choose from, we got something completely different than expected WITH no time frame on which to complete said SPA.