hzn december quarterly - summary, page-12

Just trying to decipher the HZN speak

From HZN's quarterly

"The initial payment of $74 million plus completion
adjustments (currently approximately $20 million) will be
made on grant of the Stanley gas project development
licence. Subject to PNG Cabinet approval, the Company
anticipates the development licence will be offered in the
immediate term, as discussed below.....
......Government negotiations relating to the Petroleum
Development Licence (PDL) application were finalised in the
period and the Gas Agreement (project agreement) issued
to the PNG State Solicitor for formal legal clearance prior to submission to the PNG Cabinet, for approval.
Preparatory activities for the landowner Development
Forum, to be convened by the PNG Government, are
complete. The Development Forum will commence after
PNG Cabinet approval of the Gas Agreement
which is expected to coincide with the offer of the PDL""

So if I understand the sequence of events correctly

:The finalised PDL application and legally cleared Gas Agreement have both been submitted to PNG Cabinet for Approval.

:HZN expects approval for both to "Coincide".

:Approval is expected in the "immediate term" and will trigger the payment from Osaka Gas.

:The PNG Gov will convene the Landowner Development Forum "after" the PDL and Gas Agreement Cabinet Approval