reality check, page-18

Fosters have an unrisked valuation of USD 4.2bn assuming an 8mtpa operation at magnolia.

That is based on comparable revenue streams being paid in other projects.

Working back to our current market cap of $1.8bn means the market is still applying a greater than 50% discount to this project going ahead. And thats giving nil value to Bear Head which may be as big as Magnolia again. I think this is actually quite fair based on the progress made to date.

$1.8bn is a large number but so is USD400m a year in revenue. To the hedge funds mind the reporting is that the only risk they see to completion is not financing or technical risk but the risk of FERC not giving approval or being slow to do so. But given what is happening with Russia atm and political pressure in the US even that risk is abating it seems.

If SK Engineering are willing to underwrite a $1.57bn construction cost under a lump sum EPC contract then you can be sure they would have done their due diligence.

See you again for binding toll agreements.