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December 6, 2013
13:23 EDTIOC, TOTInterOil provides clarification on transaction with Total
InterOil (IOC) is providing further clarification regarding the fixed and variable payments agreed to with Total (TOT) in relation to the sale of a gross 61.3%, net 47.5%, after PNG government back-in of 22.5%, in PRL 15, which includes the Elk and Antelope fields. The Sale and Purchase Agreement, filed on SEDAR and with the SEC today, stipulates both fixed and variable payments as previously disclosed. Fixed payments to InterOil include $613M on transaction completion, which is expected in Q1 2014; $112M on a final investment decision for a new LNG plant; and $100M at first LNG cargo from the proposed LNG facility. In addition to these fixed amounts, variable payments for amounts in excess of 3.5 Tcfe for the gas resource will depend on certification by two independent certifiers following up to three appraisal wells to be drilled in PRL15. The gas resource payment for amounts greater than 5.4 Tcfe will be paid at certification. The Recoverable hydrocarbon equivalent unit price pre-government back-in for >3.5 Tcfe and <5.4 Tcfe will be 60c/mcfe and the unit price post-government back-in will be 77c/mcfe, which will be paid at FID. For > 5.4 Tcfe and <6.5 Tcfe, the prices will by 80c/mcfe and $1.03/mcfe, respectively, for pre- and post- back-in. For > 6.5 Tcfe, the unit prices pre- and post- back-in will be $1.00/mcfe and $1.29/mcfe, respectively. Following the appraisal program, which is anticipated to be completed in 2015, the indicative payments based on the certified resource estimate are: For 5.4 Tcfe, $1.5B; for 6.5 Tcfe, $2.1B, for the GLJ Certified Best Case 9.9 Tcfe, $4.1B; and for the GLJ Certified High Case 11.8 Tcfe, $5.3B. The transaction is expected to complete in Q1 2014, after satisfaction of conditions, including government approvals and acquisition of the minority interests in PRL15.
News For IOC;TOT From The Last 14 Days
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April 14, 2014
06:17 EDTTOTTotal, partners to develop Kaombo project in Angola for $16B
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April 3, 2014
10:00 EDTTOTOn The Fly: Analyst Initiation Summary
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06:40 EDTTOTTotal initiated with an Outperform at BMO Capital
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April 2, 2014
16:14 EDTTOTTotal initiated with an Outperform at Cowen

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