md buying on back of pandora deal, page-18

I was wondering the same thing, I don't get it.

I pondered the possibilities of:

- work program on Pandora is so far spread out (4-5 years) that the catalysts are too far away
- CMT won't be able to afford to do much with it anyway (will need a CR to finance its share)
- sulphur issues a deterrent
- based on HZN Stanley debacle, market is steering clear of PNG minnows
- market is generally pretty short-sighted so should be ignored for now


There are comebacks for most of the above, in my opinion.

Selling KPL shares or farming down a bit will finance a fair bit of activity for CMT...