XOM seeks 4.6 T - Major Terms Agreed To

[cybersssss]

The concept is quite standard: A term sheet is written after the basic deal is agreed upon. Once this is done, the contract is written up and has to be signed. I guess we are in the written up part of the process. I have seen plenty of term sheets turn into toilet paper. The market is wants more concrete evidence to believe that the project is sufficiently being de-risked with XOM participation. That is my opinion as to explain the trading lately. Furthermore, if there was any offer or number on the table as a buyout from XOM then that is material and would have to be announced. The deal is what was announced and we wait for the dotted lines to be signed. That is all. XOM has there own deals with OSH etc regarding the expansion of trains. This was likely spelled out before they even began construction as XOM is the operator and has that decision making capability. This is not the hold up IMO. Basically, we wait, again. Could be tomorrow could be 50 days and could be no deal with XOM at this time. All are in the cards. I believe we will hear in another month or so. But as with many things I have been wrong before.