I assume Nido are due a percentage of the revenue according to their stake in Galoc, 22.279%. However if they wish to market their own production how exactly is that going to work? Can they demand 22.279% of the first lifting? or do they have to wait for the 5th lifting? Can they take the 2nd lifting?
Add to this a rumour of high Mercury content prohibiting refining in the Phhilippines and it gets murkier still. I would have thought that receiving cash flow at the moment was priority and forget the differences of the past and the few dollars per barrel in the sale price.
Avi
p.s. was travelling when frist oil produced!
worth, page-5
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