low cash issue, page-11

Ahjay,

WHARF did not WITHDRAW, they were deemed withdrawal by EGO.

DEEMED as in the Free Dictionary says.

In this as per EGOs ann, it states that WHARF were (Judged or Considered) to be non JV partners.

WHARF DID NOT PHYSICAALLY WITHDRAW ON THEIR OWN ACCORD.

This is fact.

If WHARF withdrew on their own accord then WHY are they now pursuing this in court.??? They wouldn't have a leg to stand on if they did withdraw on their own accord, but since EGO deemed (Judged or Considered) they were no longer JV partners they threw them out and this is WHY WHARF are still sticking up a stink to come back in.

Because EGO kicked them out the way they did, WHARF went to the DMP of WA, BP, BP Singapore and ALCOA to protest the event on whatever grounds. Not even DMP of WA would ratify the change of JV %ages when EGO notified them on application, so what does DMP then think on the matter.????

Condensate sales to the WHARFs 10% stake were escrowed as BP had done till this is sorted out in court.

If WHARF are deemed to be still in the JV, I would really think that it would be on the terms of the courts decision. Personally I would think it was fair that if WHARF are in the JV still, prorata the costs as per %age held normally into the TOTAL FINALISED COSTING, WHARF reimburses EGO and ERM their differences + interest if considered valid and then sort out the cost overruns to contractors and take whatever action needed later and monies owed and divvied up as per JV share.

There are probably more costs that WHARF owe to the JV besides the plant and also would need to pay. As long as all is paid in full in one full installment and the JV runs as per normal and all costs by WHARF are made on time, I have no qualms.

If this is the outcome and WHARF are JV partners again then EGO would be a wholeside better off in the CASH arena in the kitty. WHARFs escrowed condensate sales are collateral to whatever the outcome is and is security for balance of payment due if in or it goes as per %age to EGO and ERM.

Still seems a WIN/WIN for all.