2014 do or die?

2014 IMO may be do or die for me with MEO. Of course a farm-out success may change that.

I expect a FID from ENI for Evans Shoal this year one way or another. Thankfully they don't like to sit around too long. What I do see complicating it at the moment is Shell divesting of a number of their assets. Whether ES is part of that idea I have no idea. I would just suggest that as their pet FLNG lean would not be suitable for ES due to the high CO2, then a sale/divestment may occur with possibly the other partners looking for a bargain from Shell.

As we are more than aware of, the most practical and economical IMO is of course TS single module construction scenario. Hence my continuing to hold.

Also as we know, the other option being for ENI is piping to Darwin, but possibly with a much larger costing.

If it goes ahead, I don't expect a takeover bid by ENI, at least not at this point of time. However they may buy in to around max holdings.

What I do consider a speculative wildcard in the wind is Timor/WPL/Aus.Gov./Sunrise. Now a takeover bid by a cashed up WPL, may be a whole different scenario. Certainly if they had the backing of the Fed's to help resolve the headache of Sunrise. Just a speculative thought anyway, cheers.