roger montgomery valuation, page-37

jmg86 I think you will find that LNG pricing has a component in its pricing that ties a percentage to the price of oil. I know all their contracts are different between customers because of negotiated volumes,length of contract etc. All this is held in confidence between the 2 parties. below is taken from their quarterly report.
"NWS LNG revenue includes the revenue from the settlement of some LNG price negotiations which are held commercial in confidence"
Anyway they are worth more than $20 UNLESS the bottom falls out of the energy market. I believe you are spot on about future production. One hurdle is pluto @ present has only 1 process train so in the event of a shutdown they would find it difficult to fullfill contracts. That is why it is important to find enough reserves to support the 2nd train.