We were told today that Shell is far along in talks to be an "operator" and a "partner".   It seemed credibly rumored that JKM will buy the first 3.8t's from PRL 15 as well as provide the CSP and that PNG favored a SM to be the operator.  So Shell as operator of first liquification plant, with gas to Kogas/Japex. We also know that PNG has potential control of 50% of the second 3.8ts, assuming a deal price that would be profitable for the PNG govt.  I suggest that Shell's partnership is not with IOC, but with the PNG govt (presumeably Kumul trust).  I won't forget PTT, who was promised access to exploration opportunities (per the Thai press).  Perhaps Phil agreed to sell a significant chunk of Wahoo/Tuna as part of a deal to extend the licenses.  And a side deal with XOM or Oilsearch to take the early gas from the CSP.   Probably selling more than Phil wants, but getting solid or better prices, for a huge haul overall.   FWIW.

Look for incremental and positive news on Monday concerning the govts role.  Not sure if Shell is part of that or not.  Too many possibilities to consider but I wanted to share.  Dismantling of Petromin and creation of Kumul will have no impact on sell down.  Any short expecting another delay, well 'nuff said.  Spudding of Elk-3 is significant.  Would not be done without new partner.  In order to do that, partner would be announced prior.  What did Phil say last week - in weeks?  Probably the most important recent  piece of real evidence as to what is on the way.

'jft310' pid='20670' dateline='<a href="tel:1365793 Wrote:Sam - The key piece of new information was Elk to be clearer. Makes a statement we have a partner and will drill in several weeks with that new partner.

Yes and thanks for highlighting that better than I did, and despite being a week old it is the one tangible clue we have as to how close this all is.  Don't tell AG.