new corporate video, page-11

I think HZN will be a target in 2014. They have some very good assets in PNG and Co management is savvy at getting them into the right places eg Beibu Gulf, PNG PRL4 and PRL 21 (Maari looked like a very good asset at the start, although it has been hampered operationally). However, Co is potentially too small to execute development in their own right, is starting to spread thinly, and ends up sailing too close to the wind on debt/financing and that ultimately suppresses the share price - which now puts them in play for bigger companies looking for regional exposures. I could see a company like STO with SE Asian expansion ambitions (although a bit cash-drained with GLNG), having a look, as HZN's PRL permits start to look more prospective (after Elevala, Ketu, Tingu) and potential gas aggregation begins to look more feasible. A heavy hitter like that would be much better at dealing with PNG Government as well (I think there are also delays in Stanley PDL issuance due to PNG Government forcing the Co's hands on gas monetisation).

I hope shareholders are the winners - I know you have to be in it for the long haul but I am personally tired of the red stain on my screen from this stock, waiting for things (execution-related) to happen that were supposed to happen a year ago, while other investments move up!
Cheers