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$4.60 senex energy limited

Ann: Senex and GLNG amend WSGP gas sales arrangements, page-14

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db76

2,906 Posts.

61

11/09/18

23:26

Post #: 35534729
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Originally posted by tt2000 ↑

Hi @rollacoaster,

Yes the 16TJ are on the same terms as before - it's not this that I have an issue with.

My issues /risks:

1. The volumes above the initial 16TJ appear to not be commercial based on the terms of the original deal - hence the split. Yes the new price will be higher (Which GLNG will have the last right to equal or better). But ultimately 34TJ now requires a higher price than originally anticipated.

2. The 34TJ is no longer referenced - in fact no volumes are.

3. (Not an issue - the other way you could look at this). Maybe SXY simply require longer to firm up the cost (and therefore price) at which the other blocks are commercial and aren't happy to to reach FID based on original price without further exploratory drilling.

Either way (even under #3) we have gone backwards and ID has caused this.

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Seems cautious
But shouldn't contract what you cant make a profit from
Still moving forwards

SXY Price at posting: 44.0¢ Sentiment: None Disclosure: Held
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