Highlights Informal guidance is now for 2016e Liwan gas volumes to be roughly half of prior guidance. This will likely knock ~$0.30/share out of our CFPS estimate. Reinstatement of the dividend is not likely to occur until the oil market is balanced and inventories are reduced. The Midstream JV transaction is expected to be tax efficient. A royalty transaction (2 mboe/d) announcement is expected in the "very near future", followed thereafter by conventional asset sale announcement(s).
