Shares in Australian energy minnow Energy World Corp tanked in September after concerns over its controversial Papua New Guinean liquefied natural gas project. Energy World, part owned by James Packer’s hedge fund Ellerston Capital, has been working to build a medium-sized LNG plant to commercialise PNG gasfields operated by US-listed energy explorer InterOil. But slow progress prompted PNG Minister for Petroleum and Energy William Duma to lash out at InterOil and Energy World. In October the company’s share price recovered after Energy World announced a non-binding agreement to develop an LNG import terminal in East Java. In recent weeks the company has turned its focus to its proposed $1.5 billion Abbot Point LNG Project, near Bowen, Queensland. In late November, Energy World Corp made a non-binding agreement to sell a 30 per cent stake to a company associated with the company’s chairman, Stewart Elliott.