Suppose the delay at Wahoo site is related to a large porosity zone, the result of the drilling can be a big success. What else could be a reason for excitement. If Wahoo is large enough to support a separate LNG plant, the circle is round as this would explain the new contract for MH.
It is interesting to think about this separate LNG-project and try to learn from the faults or disadvantages in the E/A project. The development of the E/A field started with the Project Agreement with the PNG government. According to this agreement IOC had to set up a joint venture and obliged itself to sell part of the field to a supermajor. The advantage of this approach was that by selling part of the field IOC could finance this plant. Disadvantages of this approach also are big. This procedure takes time and part of the benefits are given away. Furthermore, it turned out that the indirect owner of the field (IPI) could demand a share in the joint venture.
The PNG government supported this Project Agreement and was not amused when PM tried to fasttrack without a supermajor. It remains to be seen how they will react on a different approach for Wahoo. The largest supporter, Duma, is away and the new government is not happy with the slow development of the E/A field. IOC can team up with EWC. Besides, a Japanese consortium wants to set up a DME factory. If the PNG takes in kind 22,5% of the gas for this factory and the Japanese company gives a loan guarantee to build the remainder, IOC does not need a joint venture for this development.