OSH and TOTAL, page-8

This does make a TO more likely though still most unlikely in my view. But it carries a big negative. The PNG Government cut a lot of slack for the JV partners most notably the centralisation of LNG processing when the advantages of two plants were very high to the PNG Government. Botten bitching about lack of royalties to landowners - you just don't do that in PNG but they sucked it up. Now the PNG Govt is selling out means no more favourable treatment. There is now a dark cloud under all future development by the JV partners. And KUMUL is aligning with the small players with uncommercialised assets such as the Western Development partners. There's a good chance that the PNG Cabinet is bent on breaking the long criticised monopoly by the JV partners.