Ann: Financing update for the SNE field development, page-191

WPL still seam to be blaming others for stalling.
It’s in FAR’s interests to get to first oil as cheap and as quickly as possible and the Exploitation Plan should outline the route to achieve this goal.
Approval of the plan facilitates the overall phase 1 cost estimate, which determines finance requirements and the declaration of FID
The decision to purchase an FPSO instead of leasing one is not consistent with the “cheap as possible goal” maybe this is the sticking point in the approval of the plan.
In addition FAR are testing the legitimacy of WPL in the JV, so until this is ratified by the arbitrators why commit to a plan conceived by a possible illegitimate entity.
In other words all ducks need to be in a row before major project decisions can be made.
AIMHO