Raz, The SP action is actually what I was expecting would have...

Raz,


The SP action is actually what I was expecting would have happened on Monday.

As I said in the other thread:

Let's take what the market sees on the surface.
1) FERC was a probably a given so that announcement is meaningless to Mr Market.
2) The EPC contract is $850M higher than the guidance was.
3) The company has brought forward the additional two trains and needs to commit equity to the project (something that many didn't realise was going to eventually be the case, and something that many would be now questioning where it's coming from).
4) We still only have 1 BTA.
From the markets perception I'm surprised people expected that the FERC and EPC announcements were suddenly going to to put a stop to the downwards movement or sideways movement in the SP.

Clearly there is a lot more to the story than this surface level view, but unless you bother looking into and uncover the detail (which the market rarely does) then I wouldn't expect much to change until we get an announcement on the Stonepeak deal that's been done (and thus what the EPC numbers and the 8mtpa means for ownership and earnings) and at least one more BTA. Any increase in price between now and then is unpredictable in my view.

On the other hand, I'm personally not too concerned about the EPC or the upgrade in the project to 8mtpa requiring capital, or how either of these go together in terms of ownership and earnings. And I'm not too concerned about getting the next tollers. However we will have to wait a little for these to eventuate.