Ann: Meridian LNG Offtake Agreement Extended, page-54

SP is correct. LNG will almost certainly need to contribute some equity to the equity needed for the second two trains. This will however almost certainly be in proportion to the overall project ownership (so could be as low as 40% of the equity needed for the second two trains). And the total equity needed for the second two trains will certainly be much lower than that for the first. The company however has a range of options available to it without needing to go to market to a CR at a rediculously low valuation. Also don't forget that LNG get a licensing fee from Stonepeak once financing is done.