L1B Blanket - Petition expires before I-94

[suryagoc]

Hello Team,

I am on L1-B Blanket as of now. Any clarification on the below queries will be much helpful to plan accordingly. In my case,

• I-797 is valid indefinitely.
• My I-129S PED is on May 31, 2018. (petition end date) 
• Latest I-94 is valid till December 2019.
• Valid visa stamping exists till August 2020.

In such scenario,

1. With this valid I-94, am I eligible to stay and continue work for my company in US beyond 31-MAY-2018, without applying for extension?

2. Or else should I apply for petition extension on or before 31 May 2018, to continue my stay and work as usual?

3. If there is a delay in applying my extension(filing it after 31 May 2018), Can I continue to work or should I be on LOP till my extension is filed with USCIS?