HZN do mention that liquid development options are being...

HZN do mention that liquid development options are being assessed but their eye is obviously on the larger, more economically attractive WLNG proposition.

In terms of the PRL21 liquids development described by KPL, it may have promise but in reality it:
1. Requires a lot of upfront capex. They imply this would be 20% of the notional liquids value of $3.67b. So development would cost c$720m! HZN share c$220m and Ketu share c$120m.
2. I don't like this statement "At current prices the value of the liquids is well in excess of the capex required for the project to proceed and with the potential rates of return deliverable from this project Kina believes the project should be fast tracked for development." Don't get me wrong, I'm bullish on oil prices over the medium term but most majors aren't pricing projects based on current oil prices - far from it. Most are pricing on $40 a bbl with BP the only major using $60 a bbl for hurdle rates on project decisions. Relying on $75+ is just too risky.

Given the capex, it feels a bit heavy for the standalone development given the project would be reliant on a high oil price scenario. My view would change if they could sell the gas at favourable rates on a long term contract basis which would go a ways to underpin the project economics with the liquids being an extra "bonus" as they usually are seen in such developments.