If I remember correctly (I can't think where I read this, sorry!), JAW were asked recently whether a sequel to one of their own IP's would be coming soon. The reply basically said they will be working purely on Oddworld titles for the foreseeable near future, so I guess this pretty much confirms the new project is Oddworld-related
I also think it might be Hand of Odd- purely because there were a lot of questions about it when Abe's Twitter page started. He always seemed to nicely avoid giving a definite answer whether it was in the works or not
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