the bull.com, page-3

Patience is obviously key and hence the LT buy as my sentiment.

But obviously we certainly wont have to wait till 2018 when construction is complete for significant value to be unlocked.

In my mind the most significant and critical re-rating event will be once/if we get to FID. This is slated for mid-2015. Positive FID means equity and debt locked in and construction to commence.

To get to a positive FID we would firstly need bankable tolling agreements, signed EPC contract locking in construction cost, FERC environmental approval and bank debt sorted conditional on all of the preceding events.

Accordingly as and when each event unfolds over 2014 and 2015 each positive development should be rewarded by the market as each pre-condition for FID is ticked off. If the market ignores these events then your investment is in any case getting progressively derisked.

Looking at the LNG.US chart it was a steady rise. Sure they are a little different in that they converted an exisiting import plant into an export one. There may be more construction risk in LNG but if the story unfolds like we are expecting then value should be locked progressively over time and not in some distant future when construction is complete in 2018.