12-month high for oil........, page-16

Once ExxonMobil’s entry into the PRL 15 Joint Venture has been confirmed, we anticipate that talks will commence with the operator, Total SA (Total), about possible cooperation and integration of the next phase of LNG development. Oil Search believes that there is sufficient gas resource in the Elk-Antelope and P’nyang gas fields to underpin at least two PNG LNG-sized expansion trains, and possibly three trains if planned appraisal and exploration drilling is successful. Building these trains on the PNG LNG plant site and sharing downstream facilities would result in considerable capital savings and would materially improve operating efficiencies, generating superior returns for Oil Search shareholders, as well as for other stakeholders, including the PNG Government and local landowners. Under all anticipated scenarios involving cooperation, two highly credentialed operators of LNG developments, ExxonMobil and Total, will be maintained in PNG for the next phase of development.
http://www.oilsearch.com/Media/docs...16-4b1dbf74-85a4-4a66-ae7c-41c9ddbd78eb-0.pdf