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The next catalysts are

1. Financing of pagbilao power station. This will be approximialty USD 140m. This is delayed due to challenges associated with meeting of conditions precedents mandated by the banking syndicate. I am guessing that Land Bank have no outstanding issues because they have financed the Hub Terminal last month. This implies the hold up is with Asia United Bank. AUB are the junior member in the syndicate so I suspect that if they continue to be a hold up then Land Bank will replace their funding with their own.

This would be a very good outcome if it happened and embarrassing for AUB.

2. After that , the next step is for the Hub Terminal bond to be tapped further to advance more liquidity to that asset.

3. Then off take agreement with PLN in South Sulawesi, which will enable financing to complete the LNG plant at sengkang. I have no strong view on when this happens however it's worth observing that the higher US natural gas price and its upward momentum incentivises PLN to get a deal in place.

4. After the power station financing is done, all that remains is for commissioning. If for example it was done in July then I believe first generation and revenue will be Nov / Dec 2016 by using floating LNG at the hub jetty.

5. I suspect the share price will re-rate upon power station financing because the companies financial risk drops significantly upon that event.