Horizon bucks trend, records profit, page-28

OSH is the natural resource owner in PNG. They are also very conservative. Its in the best interests of HZN, KPL, NGE, CMT et al, and indeed OSH, for the gas to be aggregated into PNG LNG T3. Most of the other ideas are pure fiction. For HZN it is a no brainer as there is a $130m Osaka milestone payment contingent on this, or some other (less feasible) export commercialisation of the gas. OSH will want to pay a low price. HZN is in the position that it can accept a low price as there is a subsidy in the form of the Osaka payment.

Maybe HZN don't have to do a deal with OSH directly to trigger the Osaka milestone payment.

It may take place regardless if/when OSH buy out the Talisman/REPSOL assets. In that case, OSH will become the operator of gas assets that HZN has an interest in, and HZN will do what they do best, as evidenced by Beibu/CNOOC - sit there, live the good life and surf the wave. I'm OK with that, as long as the share price goes OK.

The share price performance of Horizon, aside from trading it, has been pretty sad in comparison to the theoretical upside.