Upfront Cash vs. LNG train stakes

[Tree]

Tree - don't you think the more likely outcome would be Total SA picking up IOC assets in 237 and 238 then building the Gulf LNG? If the fish fields in 236 turn out to be reefs with gas then XOM can buy what it needs almost on its doorstep, leaving 237 and 238 discoveries to the Gulf and its political/economic aspirations. Win Win Win. Lots of ifs there I know, but that scenario could prove out in the next couple of years if somebody landed another drilling rig or two.

Hey Art, I think all outcomes are likely.  My preference is big LNG stake in PNG LNG, feed 2 trains, drill more and build/own big chunk of Gulf LNG and fully develop PPL 236 to feed another plant we own chunk of at napnap.  I think this is unlikely as that small handfull of XOM Engineers camping in IOC's data room aren't only looking at E/A core samples.