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SYDNEY, July 18 (Xinhua) -- Papua New Guinea centric Oil Search Ltd has been pipped by a "superior proposal" for InterOil by U.S. giant ExxonMobil, heating up the Pacific's oil and gas space.
Oil Search had become "king maker" in the Papua New Guinea Liquefied Natural Gas (LNG) space after obtaining the backing of French major Total SA for U.S. based InterOil and it's lucrative PNG asset of the Elk Antelope field.
Total had been looking to exploit the field in a bid to rival Exxon's PNG LNG project which came online last year, though with Oil Search on board, it was believed the two projects could have been amalgamated.
But Oil Search announced on Monday InterOil had deemed Exxon's 45 U.S. dollar per InterOil share - paid in Exxon shares - and a contingent resource payment was the "superior proposal" to Oil Search's 2.2 billion U.S. dollar bid. The company was notified of an unsolicited bid earlier in July, widely believed to have been from Exxon.
"The proposal from ExxonMobil endorses Oil Search's view on the quality of the Elk-Antelope gas fields and the value of the Papua LNG Project," Oil Search managing director Peter Botten said in a statement on Monday.
Oil Search has until July 21 to submit a revised offer for InterOil and is in active dialogue with Total.
Should the revised offer not be given, or accepted, Oil Search is entitled to a 60 million U.S. dollar agreement break fee, 20 percent of which flows to Total, which "more than covers the costs associated with its offer," Botten said.
"Oil Search's board and management are committed to acting in the best interests of shareholders at all times and are presently considering their position," Botten said.
The deal originally concerned PNG's consumer and competition watchdog who flagged they may block the takeover on anti-competition grounds after learning about it during media reports.
It's believed the new bid may also draw the ire with PNG's Independent Consumer and Competition Commission (ICCC).
Oil Search had been looking to amalgamate the two projects to prevent the wastage of money the way Australia's east coast producers have already done, potentially cutting combined costs by at least 10 percent. Local analysts believe that dream could still be fulfilled.
"Given its existing material interests in both the PNG LNG Project and in the Papua LNG Project, Oil Search is well placed to participate in the potentially very significant benefits that are expected to arise from cooperation between, andor integration of, the projects," Botten said.
The two projects are ranking the world's top three undeveloped conventional LNG projects, with the added benefit of being closer to Asia, the world's largest LNG market.
Oil Search's shares were 3.87 percent higher at 7.25 Australian dollars (5.50 U.S. dollars) on Monday.
RIO DE JANEIRO , Feb. 17 (Xinhua) -- Rio Olympic Games organizing committee provided mosquito repellent to divers and team officials in order to prevent Zika virus before the upcoming FINA Diving World Cup, which is also the Rio 2016 test event.
According to Chinese diving team manager Zhou Jihong, the organizing committee has provided repellent to teams and also introduced the information and raised awareness about Zika prevention. Besides, a day-by-day clean inside the venue will help to sweep away mosquitos.
The World Diving Cup will be staged at the Maria Lenk Aquatics Centre from Friday to Wednesday (19-24 February). In total , 272 athletes from 49 countries and regions will compete for 88 spots in the Rio Olympic diving competition.
Meanwhile Brazil's Zika virus outbreak has made athletes and tourists afraid of being in the country. The Olympic host country has 1.5 million people infected by Zika since early 2015. While it causes only mild flu-like symptoms in most people, scientists suspect when it strikes a pregnant woman, it can cause her baby to be born with microcephaly, or an abnormally small head.
Earlier on Sherlock Season 3 Episode 2 "The Hounds involving Baskerville" , Sherlock and John are generally contacted by Henry Dark night, a man plagued because of the traumatic memories of this death of his father at the hands of a monstrous hound in Dartmoor years before. Investigating Dewer's Hollow, a local spot in which the beast is mostly observed, and the nearby Baskerville screening site , an MoD laboratory, Holmes and Watson find out a conspiracy wherein one of many scientists from Baskerville, Dr. Frankland, is continuing the do the job of H. O. U. N. D. , an aborted American project to produce a hallucinagenic gas for army use. The current hound is at actuality a dog used by publicity which with the gas makes it look like a demonic monster. The 'hound' which murdered Henry's father was truly Frankland wearing a red-lensed gas mask and a t-shirt bearing the logo with the HOUND group, but the young Henry's memory rationalized it being a red-eyed beast instead. Confronting both the hound and Frankland at Dewer's Hole, the former is slain while latter flees into the great Grimpen Minefield, a security measure intended for Baskerville. With the culprit and the hound deceased and your story uncovered , Holmes has solved what he calls the top case of his occupation. In the last picture, a man who may perhaps be Moriarty - Sherlock's villain - is released by an arrest cell by means of Sherlock's brother Mycroft. In the cell, someone has carved "Sherlock" dozens of times into the rooms and glass.

On this week's Occurrence title "The Reichenbach Fall", Pentonville , the Tower of Manchester, and the Bank of England is the start. Sherlock must discover what his greatest foe is nearly and stop him, but his reputation, and even his lifetime , come under threat.

Based on the publications by Sir Arthur Conan Doyle, this updated version on the Sherlock Holmes stories is usual. Cheap Jerseys Wholesale China   Cheap Jerseys China Wholesale   Cheap Jerseys China Wholesale   Cheap Soccer Hoodies Free Shipping   Cheap NHL Hats China   Cheap NBA Jerseys Free Shipping   Cheap MLB Jerseys Free Shipping   Cheap Soccer Jerseys Free Shipping   Wholesale Jerseys   Wholesale Jerseys