Ann: PNG LNG sell-down exclusivity period with Kumul extended, page-3

I do wonder what the penalty clauses are " binding" and if they would be enforced.

Partners are happy if anyone sells down IMO

Means $ still on table for STO

PNG govt - well I predicted this - not that it was hard to say PNG would have issues in raising finance- is it China playing silly games trying to break Santos or Kumul.

STO do not get suckered into financing the PNG govt ! Don't even get suckered into tranches style payment. PNG said they could complete so let them.

STO has to let this fail by outside reasons . Politically STO can never be seen as cause for deal to fall over . STO will just get strung along and is a passenger unless it wants to screw up a long term relationship. Let us hope PNG govt feels some recriprical responsibility and takes suitable action to get financing completed.

Only real other real option is that all PNGLNG partners fund this - then await then inevitable problem and PNG govt Kumul will want something else for free. Trying to wrestle teh asset back woudl be impossible. OSH and partners IMO has already been caught by this PNG style negotiating and then having govt change or resume leases or exploration lic until they got some equity- not a good look.