JophYou are right, as we don't know how this will all pan out,...

Joph

You are right, as we don't know how this will all pan out, and the uncertainty on a whole raft of factors is causing serious angst amongst both companies and investors.

However, one trend I can note is that a couple of the analysts I speak to have lifted their east coast gas pricing deck to reflect the cap as a floor price. I know some were using a conservative $8/GJ and are now thinking more like the $12/GJ number. They feel they are not betting much pushback from the companies on that forecast either.

It has been confirmed that the smaller guys will not be subject to the cap, but as you mention, the big boys can give everyone a dose of reality on getting too aggressive on pricing.

The passage of time will see if that is correct or not, but it makes good sense.

In the meantime, we are waiting for Vali production to lift and the Odin implementation to be a lot smoother than the earlier iterations. I am hearing that the second phase is lower risk, and therefore the scope for slippage is not the same. Good pricing sounds as though it is coming as well.

Cheers, AL