Not true.They were always going to sell down to a more...

Not true.

They were always going to sell down to a more conventional position, not so normal in the industry to hold more than 50% through the development and production phases.

And not really true that they lose control. They can remain operator even if they don’t remain the largest holder.

I don’t see any surprises. I’d have been very surprised if they decided to only sell 20%. 30 to 40% were imho always the likely range, and it is still open as to what level they sell down.

Whilst decommissioning might cost them a heap more than they’ve expected, it was always a risk they’ve known and in the context of their whole business not such a great deal. The same cost pressures that have driven up those costs have driven the LNG price very high. Swings and merry go rounds.

EL