John Towner spoke to shareholders at length about the in's and out's of dealings in Indonesia and Aceh... some interesting background on the political scene there and the complications that go with Achenese independence. I think in this case discretion is appropriate ( given the ongoing negotiations with the powers that be) BUT suffice to say that the company remains supremely confident that the 20 year renewal will be granted although this may not occur by the 23 Feb, however it was made quite clear that the cessation of tenure/production in the abscense of a timely renewal is not in the interests of all parties concerned and TEG expects under those circumstances that an extension will be granted.
The Exxon tender was discussed in general terms as obvious confidentiality issues prevail... TEG has conducted a 2nd round of DD in the data room and believes that it stacks up well next to the other tender parties (clearly the backing of Standard Chartered is a boon). reading between the lines we may not hear anything concrete till mid year
Whilst they wait for renewal the company is still very active on the ground and is also reviewing a number of other assets.
I got the impression that JT was very keen to inform those present as much as he was legally able to
I left feeling very comfortable with my holding in TEG
TEG Price at posting:
2.3¢ Sentiment: Buy Disclosure: Held
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(20min delay)