Ann: Ceasing to be a substantial holder , page-25

I wouldn't expect HZN to go into a trading halt before the reserves upgrade. There is no reason they should for that sort of announcement.

I expect KPL requested a trading halt because they're concerned news has slipped out about their announcement- see KPL speeding ticket. Given that HZN went down today while KPL was in trading halt, I wouldn't be surprised if this is a KPL upgrade, not one that is independently certified. HZN management have historically waited until they have an independent report before saying anything more than "we expect a material upgrade".

As for HZNs stake in PNG- the look through valuation on PRLs 4 and 21 from the TLM/Mitsubishi deal was USD330m. With an upgrade the size that BBY is suggesting the value of HZNs 45% of Elevala/Ketu increases by 80-100m. For simplicity, a 70m increase in value for 21 would mean those two blocks are worth 36c a share to HZN. That's nothing for Maari, China and other PNG acreage. Fairly compelling in my view.