I'd be curious to hear your Cliff notes explanation for this if you have one. I don't follow the
company, but I thought I understood the basic story was that they signed contracts covering most of
the capacity and it was all Henry Hub plus a predetermined mark up.

It was around $13 -$14 when I saw it, and read that Cheniere were the granted an LNG
export license from continental US (Not the first, since Kenai has the existing capability).
My premise was the price would range from $10 - $16 on any progress during the facility
building stage. Then perhaps move higher when operations started. So I was anchored to $10-ish,
and notice the stock is already flown by $20 ... and production is still a few years out.

If that is the case, I'm confused as to what would justify the continued appreciation in the share price.

Feel the same way. That's why I wasn't chasing after it when my guess was wrong.