Technical analysts for pre-FID development projects is flawed arguably as key milestones, such as financing, or indeed a delay thereof, affect the legitimacy of the pattern. This project will swing on finance, and hence the backdrop Scholtz provides in Germany. The globe is littered with plenty of weathering concrete pads and abandoned pre-works, Kitimat LNG is a good example US$700m), NW Shelf Propane tank footings are another, closer to home. Big risk to take the Early Works in MAL in my view, with the S&P looking as though it's about to roll-over towards year end and Europe all but sunk without Fiscal, for which the Germans are not polically positioned without the easing of Schuldenbremse.
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