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Msg  5035 of 13357  at  5/13/2010 11:15:59 AM  by

jft310


Yahoo IOC CC notes

IOC added assets at a cost of 2 cents per mcf this year
Now monetize thr assets. Mitsui deal is complete, they will start reimbusing IOC for condensates costs this quarter.
LNG-compettitive bidding process now ongoing
Selling 25-35% of assets
Payments upfront Buy part of LNG plant and offtake
Take several months to finalize a deal
Superior costs 10-15 cents per mcf
advantaged NG,on shore, near coast,brownfield project or has roads and infrstructure,
Henry Aldork one of 3 experienced LNG plant closers in the world,Known in the industry by bidding partners
The condensate plant is being built,PNG is a stable area,Close to major markets in the world
Exxon overcame risks of PNG for IOC. Country has a credit rating.Interest is now much higher
IOC has major exploration potential not shared by competitors,They want to add barrels to their reserves,countries want to secure supplies of safe assets
IOC balance sheet is strong,talented team
IOC spent $2.3 million this quarter on legal costs for sell down
In the second quarter IOC's margins will be a lot better,
IOC has $41 mill in unrestricted cash,
$44 mill available to borrow for downstream operations
$186 mill total currently available and they are working on getting more
They will borrow if necessary, no equity offering, sell down assetsWayne Hamil-IOC has 9 T's of NG now,Phenominal incresae in assets,
Reached target drilling depth of 7628 feet,now drill horizontal,Turned 90 degrees in 297 feet,That is done,Ran 7 in case with 5 1/2 inch liner,
Now drill lateral,test and evaluate
Feeds the reservoir depletion model,
New seimics on Elk Antelope completed,improved quality,away from the current well,updating a model workin with several contgractors including Knowledge Reservoir,this will lead to FID.
Mitsui deal covers,engineering,construction,financing,FID late 2010,Hope for 2012 production
Have acquired the new rig,shipping soon,in the field during the 4 the quartern needs some refitting to be done on PNG,
With 2 rigs,need more drilling to explore the resource,Fast to market resources because if the Elk/Antelope build out,Already loe DID costs,cash flow early with maximum value
IOC is in the best financial shape of its life
Best resource position ever
Solid relationship with Mitsui and Pacific LNG
Most advantaged LNG on Asia
MS?New rig used when get money to use it in the fourth quarter,
2 weeks away from seismic interpretation,
2 drilling locations are ready
Looking at 2 more locations
Don't need a lot of wells
New elk/Antelope seismics shows 3 more reefs
Have Antelope 3 &$ planned
Fourth well will be in a news structure
Mitsui is fully funding all the work
IOC need subsurface work for the final condensate plan
Henry A worked on bidding requirement s for LNG,
The Koreans and Japanese are bidding on the condensate module build. Expect to hear back next month on that.Thats the base design

IOC is clearly negotiating,its underway,can't talk cause of confidentiality agreements
Curtis Trimble-The Mitsui cash calls are all approved,Mitsui is interested in LNG alsoOne leads to another
Pavel-IOC has gone out for expressions of interest,the engineering is on going,Will got to FEED,then FID
The new vessel for shipments is available, Two shipments completed outside PNG to Taru?,Size the same as domestic market.no IPP for external sales.
Sal Illaqua-The horizontal has started again,now on the verge of drilling out,doing formation test,then log and DST
Sal will the oil be producabale,it will be a key component of the condensates. Phil ducked question!!
IOC has 2 new contracts on PNG for fuel.That adds 10% to refinery useage,Last quarter they had to import diesel to get ramped up for new contracts,
Exxon useage will ramp up over thje next two years as will IOC usueage so refinery useage will grow.
They are building roads for stripping now. Tusker says a 3 lane road from Elk Antelope to to new port,
IOC pays now then the govt and Mitsui will pay em back.Cash calls are agreed to and Mitsui will pay this quarter.IOC pays gets reimbursed
They are expanding the seismics to other structures,this monthand next
New Elk seismics showed a dome on that test
IOC reciebed $14 million in exploration costs this quarter from conversion
Petromin paid in $11 million for costs
They are funding their share of Elk/Antelope costs
Best guess on notes. Please bust me if I messed up..


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