Total SA (TOT; $58.47--Dec. 5; Accumulate)TOT farms in to PNG Elk and Antelope fields with InterOil. Farming in to InterOil's PRL 15 license where Elk and Antelope gas fields discovered (XOM, RDS were speculated to be in negotiations). Not a huge deal but price rich vs. our expectations, essentially paying $1B for LNG option which has potential for FID by 2016. 1 train 3.5mmtpa LNG development would cost ~$7-8B (gross) to build TPHe. TOT......
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