what is icn's valuation?, page-20

Well great minds think alike - some a little slower than others - lol.

OK - so nothing more definitive - and because the senior partner rarely does the junior partner any favours, if I were BPT I might just muscle my way into the GSA simply because I can by not D&C quickly enough for ICN's schedule. I would agree BPT wants to prove up as much 2P reserves as possible but they can do that by making PEL218 a priority first.

What do you think about the 15% "reserve allocation" for domestic use (implemented in WA) for major LNG exporters. The issue of course is what price!

Cheniere Energy in US is willing to use the Henry Hub benchmark for gas pricing plus fee with Buyer paying ship (which to Asia is expensive). Still will be a lot cheaper than TAPIS benchmark and one would expect them to be a price taker in that regard. Interesting model and comes online 2015 - only US LNG Export fully approved as AFAIK.


Price Takers can always be disruptive within markets - especially if you consider some USA gas is flared just so they can get the liquids - they would take any price for the gas over and above pipeline and associated costs.