Not sure how the market will feel about this announcement. Good news that it looks like the allocation of $'s on LXG PSC has been negotiated and funds are close to being received.
A little surprised at the expected final financial project investment decision by CNOOC is not until the middle of next year. It is the first we have heard of this. Pretty sure most of us believed that was part of the ODP approval.
Not a big deal, but creates more uncertainty about the project for another year, however I'll be quiet happy if SGE can afford to take on the project 100% themselves and they get paid in a very timely manner and CNOOC is fully co-operative. I also hope this doesn't slow down next year's development plans for LXG (3 extra pilot plants to be built and come online by the end of the year).
SEH Price at posting:
18.5¢ Sentiment: Buy Disclosure: Held
