IMC Loan As Bruce has previously posted, HZN has been paying off...

IMC Loan
As Bruce has previously posted, HZN has been paying off the higher interest rate IMC loan, and with the Todd Maari additional reserves increasing the funds available under the reserve-based facility, they will have the ability to refinance any remaining IMC balance from the lower interest rate reserve-based facility/loan. As Bruce pointed out, this not only saves interest, but would result in a cleaner balance sheet.

They will likely do this once the Maari acquisition is approved by the NZ Government (March?), and they cna add the additional Maari reserves to the facility. So probably happen in Q2, 2018.

PNG Partial Sale
I'd agree that the sell down of PNG assests is unlikely to be at the same time as a Repsol exit.
Hence I think that the IMC loan will be repaid before a sell down. However, IMC would likely agree to any right sizing as it will be in interests all shareholder - including IMC.

Repsol Exit
Hopefully it will be sooner rather than latter , most likely by a Chinese company(?)

I still think that OSH is a possibility - depending on Pn'yang plans/options. If OSH do throw their hats in the ring, then it is plausible that STO/OSH would want to purchase all (not part) of HZN's PNG assets. This would have to be at a very good price. This may only be wishful thinking on my part .