Ann: Shareholder Presentations, page-23

Totally agree Siv/doc. PetroChina and Shell TO Arrow was for a cool $3.5bn. With Shell selling down assets globally (WPL stake & now Nigerian assets), PC & Shell have sunk costs to make you weep. Perhaps PC may pick up Shell's share and then look to leverage FL which after all it would have knowledge of OSMR after its sister company HQC sold down to those US hedge funds in the CR couple of months back (how they must weep at the SP performance since!).

Whether this comes to pass or not, I attach zero valuation to FL and unless Gladstone Port Corporation have a queue clambering behind MB for the site, expect further renewals until the position is clearer. This may be some time yet. And if GPC don't renew, it will merely allow LNG to remain totally focused on NA.

Should a deal get done, then you would think the SP would react favorably (shorts beware!).

As for sunk costs, I think MB has more than acquitted himself by picking up BH for a song.