Ann: Update on Remus Proposal and Woodside Sale, page-114

AFR article
Energy sector to battle price, policy risksCommodity prices will be a big determinant of the fortunes of energy producers this year, while regulatory risks remain a wildcard for electricity suppliers.Angela Macdonald-SmithSenior resources writerJan 15, 2021 – 12.00amSaveShareOil and gas producers look set up for a stronger 2021 than for much of last year, but electricity producers face pressures on regulatory policy as well as pricing.A rally in crude oil prices over the past two months, thanks to progress on a coronavirus-beating vaccine and more recently Saudi Arabia's surprise pledge to cut production, has been accompanied by soaring LNG prices to record levels as a mid-winter freeze hits north Asia.The trend has supported oil and gas stocks even though they remain well off year-ago levels, with analysts pointing to a move from tech stocks into cyclicals in late 2020 that has continued into the new year.Oil Search hopes to lock in a partner this year for its Alaskan oil project. Woodside Petroleum, Oil Search and Santosare cautiously reviving growth projects that were put on ice after last March's oil price crash. All are aiming to sell stakes in projects to new partners – deals that will be critical to prove their commercial value and to reduce their owners' funding burden."The critical issue for the larger cap stocks is going to be the delivery of some of these projects and the requirement for equity sell-downs," says RBC Capital Markets analyst Gordon Ramsay.

Woodside is the one where it's got very high equity in multiple large-scale projects, and therefore it could end up spending more than people are thinking and have a higher level of project risk exposure if it doesn't achieve its sell-down objectives."Woodside wants to bring in new partners at its huge Scarborough and Pluto-2 LNG project in Western Australia, and at the Sangomar oil project off Senegal. At Oil Search, the focus is on a sell-down of the Pikka oil venture in Alaska.Amongst smaller players, Ramsay favours Brazil-focused Karoon Energy, which is being rejuvenated under new chief executive Julian Fowles, and Cooper Energy, which is getting on top of teething problems at its Sole gas project off Victoria. He likes Beach Energy's valuation metrics in the mid-cap space, thanks to its strong balance sheet and growth outlook.


Where were his powers of rejuvenation at FAR??
The CNNL-19 virus had terminally infected the host