Yes i tend to agree with you that the PNG assets are not the main game, but they are significant assets that Repsol are keen to acquire. I reiterate that the takeover makes it far more likely that Stanley will be developed as planned. I do think that in previous posts you have underestimated the value of Stanley and nearby assets. You would have seen that Oil Search Ltd. has bid more than $300 million to buy the Papua New Guinea assets of Talisman Energy Inc. As discussed previously Oil Search would like to add natural-gas reserves in the western region of Papua New Guinea to its own in the densely forested highlands area and hook up with the $19 billion PNG LNG export plant operated by Exxon Mobil Corp. $300m is of course way too low for the assets but now we have Repsol on the scene and a bidding war may ensue. Consolidation is underway and Horizon shareholders could do very well out of it.
HZN Price at posting:
13.5¢ Sentiment: Buy Disclosure: Held
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