IMC loan - agree @GDN, once the Maari-Todd transaction is...

IMC loan - agree @GDN, once the Maari-Todd transaction is complete, you would expect this to be priority and then no issues for any sell-down. The subordinated debt should be able to be swallowed up with the increased reserves based facility.

PNG partial sale - I really don't know how much to expect from this but the recent analyst report was a nice summary. For me, it did put into perspective how much we need PNG to come through. We know value was there before with the Osaka transaction with an implied project value of c. $1b (when incl. FID payment). Arguably, we are further along with clearer economics and development path so hopefully we can attain at least similar metrics.

Repsol exit - yes, hopefully sooner! OSH would be interesting. I'd hope we could keep some stake but if the price was right selling the whole project would cement value that the market couldn't ignore. Maybe a capital return and then just cash cow our existing assets? I think in 2014 (?) HZN were keen to start making capital returns via dividends so the intention was there, but obviously things happened out of our control! I suspect with Brent winding down, he'd also be keen for that given his personal stake!

Agree @Fairclough, I think @GDN thinks this is an option later down the track too. I.e. "Right size" our stake on FID which should give an increased valuation.

There is always speculation when you see a large transaction going through at the end of a trading day. HZN has good things going for it on all fronts (Maari, Beibu and PNG) so we shouldn't be surprised to see transaction occurring like that - IMO. Good to see though!