Citi on OSH: PNG LNG on track

[Getitrt2]

IOC gets LNG participation this is not new, Hession didn't bring to the table this idea..IOC can pay for its equity LNG participation with additional NG. Citi has a very weak analyst that covers OSH.

Or, equity participation in PNG LNG could be part of IOC's delayed compensation for the portion of PRL 15 already agreed to be sold, the most likely, I would say.  However, I think there is a possibility of an even bigger deal than originally agreed to, perhaps in the form of a farm-in to another PRL or maybe even PPL 236.