Market Reaction: positive given the cost reduction that will have a positive impact on NPV and the securing of funds from LNG volumes pre-payment that will derisk the project. The devil is often in the detail in these complex gas transactions. Even with the cost reduction, and fully derisking the 400 mmboe Contingent Resources at EG, our ReNAV using Brent LT price of US$85/bbl would be £1.17 per share, implying "only" c. 35% upside. Given the performance of the shares, this is not relat
