This was the Dec08 deal.
["AGL Energy has executed sales agreements for its Papua New Guinea oil and gas assets, including its 3.6% stake of the $US11 billion PNG LNG project, to an undisclosed party today for a total of $A1.1 billion after closing out oil hedges."]
http://www.petroleumnews.net/storyview.asp?storyid=469720§ionsource=s0
This is what RJ wrote about it (March 18 2009):
[Given the geography, there is a limited set of deals to look at, and the most comparable one in our view is the recent $800 million purchase by Nippon Oil of AGL Energy's (AGL/$26.53) PNG exploration interests and 3.6% stake in the LNG project led by ExxonMobil (XOM/$69.09). These assets are broadly analogous to what InterOil is marketing. The deal was announced last October and closed in December. If we treat the exploration interests and the LNG project as one "package" for purposes of the transaction – which is how we think InterOil will proceed – then the implied value of the entire package is $22 billion."]
$22B, so I think we can take a little hit to these metrics.. :)
And perhaps the decline in deal-price for the stake in Exxon/OilSearch project is that what was then a budgeted $11B project is now a $18B project. Those cost overruns in these big complex, local projects..
["AGL Energy has executed sales agreements for its Papua New Guinea oil and gas assets, including its 3.6% stake of the $US11 billion PNG LNG project, to an undisclosed party today for a total of $A1.1 billion after closing out oil hedges."]
http://www.petroleumnews.net/storyview.asp?storyid=469720§ionsource=s0
This is what RJ wrote about it (March 18 2009):
[Given the geography, there is a limited set of deals to look at, and the most comparable one in our view is the recent $800 million purchase by Nippon Oil of AGL Energy's (AGL/$26.53) PNG exploration interests and 3.6% stake in the LNG project led by ExxonMobil (XOM/$69.09). These assets are broadly analogous to what InterOil is marketing. The deal was announced last October and closed in December. If we treat the exploration interests and the LNG project as one "package" for purposes of the transaction – which is how we think InterOil will proceed – then the implied value of the entire package is $22 billion."]
$22B, so I think we can take a little hit to these metrics.. :)
And perhaps the decline in deal-price for the stake in Exxon/OilSearch project is that what was then a budgeted $11B project is now a $18B project. Those cost overruns in these big complex, local projects..
(InvestorVillage - http://www.investorvillage.com/)
No comments:
Post a Comment
Note: only a member of this blog may post a comment.