Bidder interest?  Resource?  Cash?  Gov't Approvals?  Licenses in jeopardy? Absence of drilling?  Convoluted development Scheme?   IOC may get a deal but the crappy deal but 'isn't it already baked into the pps'?.  All the Short arguments above were officially put to death by Hession yesterday.

What remains for shorts is the 'which day is the transformational deal announced?'

Hession stated on 11/12/13:   "And I've sat here today and told you we'll do this deal by the end of the year, yes. And I'm not going to be distracted by a long, convoluted exploration assessment by any company that wants to come in."

'this deal' as defined by a standard, simplified LNG deal with cash upfront, staged cash, LNG equity and likely exploration farm-ins beyond PRL15.

Hession also mentioned 'competetive tension' in parallel negotiations between multiple SMs for IOC's verified resources and exploration potential.

"...as I've said, there's enough gas to underpin an LNG development. I think, that's, obviously, been verified by the fact that I've got a number of mega majors breathing down my neck, wanting to develop this gas through an LNG development."

To state the obvious, Longs expect the 'deal' any day, Shorts will work toward deal delay into 2014.  Each day that passes will erode some longs confidence.  The point is, it seems that 'competetive tension' between 'SM's breathing down Hession's neck' can affect deal announcement timing, since, as of yesterday no partner had yet been selected.

Kinda sounds like there may be a bid deadline in place doesn't it?

Don't tell the shorts.  Ho Ho Ho to them.