Ann: Magnolia LNG Project - Update from DOE, page-41

Spot on LC. And that's why I use the term 'melt up'.

I said last week, SSHs remain fully supportive with NTP & non-FTA imminent. Today's ann. (with FERC's NTP ann tomorrow - FERC has been pipped by DOE) removes any shred of doubt regarding legal/ regulatory certainty of MLNG. Offtakers can now focus on the 2020-21 runway GV has talked about.

Today is but an example of what the sp will do, with significant greater volume traded. As we saw a few months back, if the sp can rocket to $1.20 on unfounded takeover speculation, imagine what will happen when the first of several BTAs materialize ...

MELT UP ... BIG TIME ...

... as LNG's future will be assured and discounted future cash flows will enable a more realistic valuation to be placed on LNG. And it will be multiples of where we are today. Recent research is worth revisiting.

Lastly, for those with a liking for detail, the DOE ann. is available at http://energy.gov/sites/prod/files/2016/11/f34/Magnolia LNG ROD.pdf

And the 3 year timeline
http://www.fossil.energy.gov/programs/gasregulation/authorizations/2013_applications/Magnolia_LNG,_LLC_-_FE_Dkt._No._13-132-L.html

Congratulations to GV and the team (JB, EM, RH ... )

Now over to FERC ...

And those BTAs will follow ...

Go LNG!!!