High Arctic Energy Services Inc T.HWO

Exxon sees $18 bln of possible investment in Papua LNG

[40YardLine]

Exxon Mobil Corp XOM.N sees its P'nyang gas project and the Papua LNG project, led by TotalEnergies TTEF.PA, investing more than $18 billion in the Pacific island nation over a decade, a company official said on Wednesday.

Exxon is in talks with the government of Papua New Guinea for a pact on development of the P'nyang gas field, which will feed its PNG LNG plant after existing gas sources run down.

Before that, TotalEnergies plans to develop the Papua LNG project, which will involve producing gas from the Elk and Antelope fields to feed two new gas chilling units, called trains, at the PNG LNG site.

"Our development plan phases P'nyang after the Papua LNG project, which could result in nearly a decade of continuous construction activity ... and potentially more than 65 billion kina invested in that timeframe," said Peter Larden, the PNG managing director of Exxon Mobil.

The figure is equivalent to $18 billion. Exxon sees $18 bln of possible investment in Papua LNG, P'nyang projects | Nasdaq

[impega]

Would be nice to see the company buying back stock at these depressed levels. Book value is more than $3.00.

[AVALONSHARK]

Given how depressed the sp is....my only fear is a a Santos or Total might try to accquire their PNG operations at throwaway prices.....which will not be good for long time shareholders

[JonathanJSmith]

Why would they sell?

[AVALONSHARK]

They should not sell. However, they are a public company with high ownership by Cyrus Capital. I totally see a possibility that either Total or Santos offers to accquire PNG operations. In 2018/19 Oil Search had proposed creating a joint company in PNG with HWO.....given the state of M&A in the upstream sector, I see this as a strong possibility.

[JonathanJSmith]

If that were the case, then they're better off selling the entire company and packing it in. Given the price is so low, I'd take book value at this point. Recently, the Omicron variant has been getting so much news attention that many countries are getting spooked. I wouldn't be surprised to see below $1 again - good thing I have lots of dry powder on the sidelines (and in non-IRA

[Possibleidiot01]

I totally agree that Cyus Capital's shares make the company vulnerable to an offer ; they've owned these shares for an eternity in the stock market and they might want to take this chance to exit the business. Mr. Bordessa is a Managing Director and Partner of Cyrus Capital Partners, L.P. Cyrus Capital Partners is the investment adviser to certain funds which indirectly own or control