Oil & gas exploration limited partnership.
Modiin ended 2025 with weaker operating economics but a balance sheet that has bought it time, while the forward case now depends mainly on NPB, on closing a much larger Gulf of America transaction without overstretching the capital structure, and on disciplined capital allocati…
Chittim is no longer just a disposal candidate. After the $6 million buyout proposal and the LFO transaction, Modiin sits between a clean cash exit and an externally funded but diluted expansion option that still depends on execution.
NPB carries real value, but under the current structure it only turns into cash if gas handling stabilizes, the 2026 development plan is approved and funded, and the partnership gets through the early investment years without creating fresh financing pressure.
