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Gold/Mining/Energy : Big Dog's Boom Boom Room

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From: CommanderCricket	9/9/2011 10:24:01 AM
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Beautiful day visiting family in Carpenteria. I see the market isn't much impressed with Obama's speech IOC progress as of 9/9/11 InterOil has moved ahead with government sanctioning and approval of the fully integrated project development. Development plan and integrated timetable has presented to the PNG government departments. PNG Government has been presented with economic models and their funding requirements. Draft Gas Agreement has been filed with the State. Environmental studies complete. Geo-technical works completed and site selected for land based LNG and export terminal. Social mapping complete for PRL# 15 and has been underway for pipeline route and LNG site. Herd upstream camp is under construction for housing construction workers in Upstream activities. Upstream access road more than 70% complete from Herd to Elk and Antelope fields. Wharf at Herd (CSP location) has been under construction. Ordering up to $100 million of Condensate Line Pipe, Processed gas Line Pipe, Critical long lead infrastructure. Purchased $11.3 million in Construction Equipment, Dump Trucks, Bulldozers, Excavators. CSP facilities design are being re-engineered and expanded to handle the increased production volumes driven by the addition of Samsung & Flex LNG. Initial bids for CSP have been received. Triceratops-2 Update. Phase 3 seismic program improved definition of the Triceratops structure. Based on remapping of the Phase 2 seismic and the early results of the Phase 3 acquisition it has been concluded that the prospect is one large structure. Preparation of theTriceratops-2location has been in progress with equipment on location. Well design and Drilling Program is being finalized for Submission to the PNG Department of Petroleum and Energy for review and approval. Rigsite and Camp construction nearing completion and rig to be mobilized and rigged up. Expected spud date fourth quarter. The tightening of the market for new and currently un-contracted LNG supplies in the 2014 – 2017 timeframe positions Gulf LNG Project as one of the very few uncontracted LNG supply sources. PDL license application near completion. Project FIDs expected by Y/E.

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