oil & gas assets

Oil & Gas Opportunity ASIA-PACIFIC BANKRUPTCY SALE

All Standard Disclaimers Apply & Seller Rights Retained


ASIA-PACIFIC BANKRUPTCY SALE
ASIA-PACIFIC BANKRUPTCY SALE
6-Licenses. 7-Exploration Wells.
ONSHORE PAPUA NEW GUINEA
EASTERN PAPUAN BASIN
5-DISCOVERIES.
WORLD-CLASS NG/LNG PLAY
Depths: 2,000m to 2,500m.
Gas Columns: 200m to 700m.
1.2% Indirect Participation Interest
World Class Flow Rates: 700 MMCFD
Seller Acquired interest from InterOil
YE 2015 2C Resource Potential: 10 TCF
Partners Include Total, Exxon & Oil Search
U.S. COURT ORDERED LIQUIDATION
RECENT PLEADINGS DELAYING SALE
DS 1101PP
Sale Points
Updates:
09/18/17: Legal pleadings before US Bankruptcy Court, Southern District of Texas.
06/05/17: Teaser & Presentation updated in the Summary & Introductory Material Folder.
05/16/17: Information Memorandum Updated.
02/23/17: Offer Letter Template added to the Sale Process Folder.
02/23/17: XOM Acquires IOC (PLS Deal Sheet) added to the Research Folder.

Summary:
PLS has been retained in the bankruptcy case of Helia Tec Resources, Inc. to locate buyers for Helia Tec's 1.2% indirect participating interest (IPI) in the InterOil Corporation upstream development portfolio. This portfolio includes the Elk-Antelope Field onshore Papua New Guinea. Helia Tec is in a court-administered Chapter 11 bankruptcy and its assets will be sold under the supervision of the US Bankruptcy Court, and, all sales will be final and free and clear of all liens, claims, encumbrances and interests. Additional key court dates are scheduled for Fall 2017 in the United States Bankruptcy Court of Southern District of Texas, located in Houston.

PLEASE NOTE:
Helia Tec's 1.2% indirect participating interest is also convertible to InterOil shares as well as a “direct” participation interest, subject to certain conditions governed by the Amended and Restated Indirect Participation Interest Agreement dated February 25, 2005 (the “IPI Agreement”). The IPI Agreement is governed by the Laws of Texas with a venue provision for Houston, Texas.

As of 2017, InterOil's shares are now wholly owned by ExxonMobil and InterOil has been delisted.

Discussion Points:
PLS Has Prepared:
  a. 4 page Summary Document (Teaser)
  b. 19 page PowerPoint Brochure (Presentation)
  c. 48 page Information Memorandum (CA Required)
  d. Valuation materials, which estimate this 1.2% IPI is worth over US$ 50 million based on the 2017 ExxonMobil acquisition of InterOil (CA Required)

This is a unique opportunity to acquire an “indirect” participation interest which mirrors InterOil’s “direct” participation interest in one of Asia’s largest natural gas discoveries.

The IPI was created by InterOil in 2005, raising $125 million via a sale of a 25% indirect participation in eight wells of InterOil’s upstream exploration portfolio. Helia Tec’s IPI is 1.2% of the 25% (i.e. 25% less 1.2% = 23.8% remaining balance). The largest discovery made by InterOil with IPI funding was the Elk-Antelope Field. This Field has been the subject of multiple high-profile transactions involving TOTAL S.A. (March 2014), Oil Search Ltd. (March 2014), and ExxonMobil Corporation (December 2016), which inform the value of Helia Tec’s IPI. TOTAL is the current operator of the Elk-Antelope Field.

Recent third-party 2C Resource estimates for Elk-Antelope range from a low of 6.15 TCFe to over 10 TCFe.

TOTAL, Oil Search, and InterOil are the original sponsors of Papua LNG, a proposed 2-Train LNG project in Papua New Guinea. However, the ExxonMobil-operated PNG LNG facility has been in operation liquefying gas from other fields in Papua New Guinea for over 2 years. With the recent acquisition of InterOil by ExxonMobil, the likelihood of near term development and commercialization of InterOil’s position is high.

Papua New Guinea is recognized as one of the world’s lowest cost venues for natural gas/LNG development and commercialization, located less than 10 days’ sail to over 70% of the world’s LNG market.

Helia Tec purchased the IPI from Pacific LNG in 2007 with supporting counterpart signature from InterOil, as required by the IPI Agreement. Helia Tec then participated in the appraisal and discovery of the Elk/Antelope field, and met every cash call sent to it by InterOil.

BY UTILIZING THE US BANKRUPTCY PROCESS THE COURT CAN PROVIDE FOR THE ASSET TO BE SOLD FREE AND CLEAR OF ANY CLAIMS.

A sale of the IPI will be accomplished via a 363 Motion and Final Sales Order which will provide for the transfer of the IPI to a Purchaser “free and clear” of all liens, claims, encumbrances, and interests. The US Bankruptcy Court has jurisdiction to make all necessary determinations to authorize a sale to a third-party.

Status of Exxon Takeover of InterOil:
The original July 2016 agreement between InterOil and Exxon Mobil was amended as at December 21, 2016. An IOC shareholder vote approving the transaction was held on February 14, 2017. The transaction closed February 2017.

Process:
PLS has set up a Virtual Data Room, which contains both Helia Tec records and legal documents, and InterOil public documents, for review by prospective buyers.

This opportunity is also advertised as "DS 1013PP" and "DS 2062PP".

CONTACT INFORMATION
PLS Energy Advisors
Mr. David Kessler
Director - International
MARKETING AGENT EMPLOYED IN ESTATE
One Riverway Ste 2500
Houston, TX 77056
Phone: 713-650-1212 & Mobile: 832-629-8698
Email: dkessler@plsenergyadvisors.com

ATTORNEY and PLAN AGENT APPOINTED BY BANKRUTPCY COURT
Ostrom Morris PLLC
Ms. Heather Potts
Commercial Litigator - Bankruptcy
6363 Woodway Dr Ste 300
Houston, TX 77057
Phone: 713-275-8564 & Fax: 713-863-1051
Email: 2heather@ostrommorris.com
Questions Regarding This Asset? Email David Kessler or call PLS at 832-629-8698

Confidential Data (C.A. Required)
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Questions Regarding This Asset?
Email: David Kessler
Call: 832-629-8698



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