pressures

HZN share price is likely to be pressured in Q1 as the structure of the convertible notes encourages the holders of the notes to short the stock, thereby forcing the note conversion price down. The floor is 40C and when it reaches that it can't go further so likely there will be no further shorting and the share price will run.

On the plus side HZN share of PNG will probably sell at a look through value of $400mln+ (for their current share but don't know exactly how it will be structured).

Expecting first production from Beibu in mid-February. First 12-18months cash flows will be very strong with the PSC system that allows them to reclaim all their historical exploration costs as well as development costs. Should see them easily repay the debt and accrue enough cash to repay the connotes (though they will likely be converted!).