Hi There Garnorf
I guess there is a possibility, of a short term extension since the "force major" extension is due to come off soon, however the process has been going on for nearly two years, Major decision by the government tend to happen on Aceh time...slowly. I understand that we are are getting very close. Negotiations are ongoing and how much longer it actually takes is anyone's guess.
From my last discussions I believe that TEG are competing with several local companies for the assets namely PT Pertamina and Medco Energi. My understanding is that offers were due on 1-December-2011.
The opportunity would provide a major presence in the region, with existing production of approximately 215 MMCFD net, and LNG sales contracts in place.
There are also onshore and offshore opportunities for additional drilling to potentially extend the production life.
My major concern with these assets is the potential for all of the good "civil work" they have been doing may be tarnished by picking up these "damaged goods".
These natural gas assets being tendered were/are associated with a recently revived lawsuit alleging human rights violations in that country by Mobil Exploration Indonesia Inc.
The lawsuit brought by Indonesian villagers seeks to hold ExxonMobil liable for alleged killings and torture committed by Indonesian soldiers guarding the assets during the country’s civil war.
The lawsuit was thrown out by a trial judge in 2009, but a US federal appeals court reinstated the case in early July, saying the suit had been wrongly dismissed.
ExxonMobil spokesman David Eglinton told Upstream in an e-mail that the marketing of the assets "has nothing to do with the Aceh lawsuit".
What this means for the winning bid is anyone guess?
Will they still go after Mobil or will they try for the new operator? My guess is Mobil (they have more money and they are better at dragging out court cases forever. omo).
If we win the tender, our micro-cap company will move into the small cap space pretty quickly i imagine.
Hope that answers your questions.
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- 23rd feb 2012
Hi There GarnorfI guess there is a possibility, of a short term...
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