Incoming project, page-35

P27 - track record matters indeed. These guys are used to getting their hands and shirts dirty. Very hands on.

GGG - I don’t think so. The KV project has been kept unencumbered for the right duration. But As pointed out by @anatol KV is now more advanced than Kdr when acquired. So it’s ready to make deals at the right price imo despite dfs not finalising until q4. With the caliber of management, they have demonstrated they’re very capable, professional and experienced in the game. It’s hard to fault. They’ve got someone a former ceo in a $7 billion M&A and now TO. Of course Ltr is only half of what makes a deal - the other party needs to be the right partner. After all a merger is sometimes like a marriage- pick the wrong one and it can significantly impact the execution of the project.

but what I foresee is that these exploration and pipeline can become a distraction to TO. Or I could be wrong. Ltr may get a Tier 1 partner shortly and we catch the bigger wave and become $3 billion. TG might then decide to keep ltr intact. When your assets overall are bing undervalued, there’s pressure to segregate or spin off to realise a stand-alone value for other projects or business that’s not being properly valued by the market. Otherwise, status quo. Just like chn, I don’t follow them closely, but after their julimar discovery I’d imagine they’ve dropped or significantly reduced their exploration in Victoria and very focused on julimar. Lots of news and value drivers ahead. Ltr will reach a tipping point whether it’s the right thing to do or not.  As many excited holders know the choices are plenty.