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Sino Gas & Energy (SEH) - PSC Cost Allocation Principles

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SEH announced that it had finalised the Linxing development phase PSC cost allocation principles with its PSC partner CUCBM. The parties are still deciding on the allocation of costs between development and exploration which may affect whether SEH can recover some of its sunk costs from 100% of the project revenue or from its own share of revenue. The SGE JV (SEH 49%) will have to carry all the development costs until the CUCBM receives full project investment committee approval from its parent CNOOC. Argonaut maintains a BUY recommendation but due to timing uncertainty, our $0.24/share target price is under review.

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