Dargie,
"...Bearing in mind that initial cashflow from Phase II would go 100% back to the JV until such time that all of the costs are 100% recovered..."
Isn't that only the situation for an EWT, 100% cost recovery or 1mmbbls, whichever comes first?
This will definitely be the situation with G Nth as it's exploration, but I don't know about it in respect of opening up further an existing production structure.
I have always thought that under the terms of the PSC agreements, operators can recover costs from up to 70% of the gross production (depending on water depth, 70% >200m, 60% <200m), with any unrecovered costs being able to be carried forward.
Imo, G Ph II would fall into this category. Perhaps Matt could clarify that.
new analyst research out-valued at 13c, page-7
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