If I had time and inclination, I would go back over the announcements for HW-3 and write down every time they say "Cooper Energy advises that X will happen on Y date" and the date it actually did happen.
It would be a pretty interesting and depressing read...
Even during normal drilling operations (in which no major mishaps occurred and before they hit the target zone) they consistently failed to meet their announced timeframe.
The three companies involved pay their respective interest of any cost overrun, so:
Cost overrun = $75M - 27M = $48M and counting
DGO: 55% = $26M cost blowout
COE: 30% = $14M
JKA: 15% = $7M
Proportionally that's going to hurt JKA the most, but $14M for COE who were expecting to be free carried on the well is significant, and I bet DGO are kicking themselves for not insisting on operatorship themselves.
the waiting game, page-4
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