Timbo I thought MBs comments was more directed at the fact that Meridian itself could be the buyer, given they have committed to supply E.ON through Port Meridian at over 5mpta. Given they have only locked in 1.7mtpa with us it seems cryptic indeed that MB would mention this.
I think it is also interesting the first mention of the 6+8 structure now for the EPC. Must be confident of getting 6 mtpa in BTAs in the timeframe for first gas, but perhaps leaving the option open for an additional 2mpta depending on demand within the six month timeframe.
Given we need to do early works and have FERC come back in Feb 2016 to meet first gas deadlines, I hope its a case of lets build what we can build for now and leave the expansion plans as a potential kicker but with the EPC locked in for six months for 8mpta for market flexibility.
So I wouldnt be surprised at all if our next BTAs take us to the 6mpta mark in order to get to FID and early works.
LNG Price at posting:
$1.65 Sentiment: Buy Disclosure: Held
