The farm out/JV issues relate to division of costs and % accrued. If it's going to cost another $10m to drill Dukas who should pay, and how much % has been accrued to date.
Obviously we think Santos haven't met their drilling requirement, so they should pay for the next drilling in order to accrue their full 70%. Santos may be arguing that all they needed to do is drill to a certain depth and they have met their % accrual obligation, so going forward all costs should be split.
Would appear that when the farm out was done it didn't consider the drill stopping 99% of the way down due to high pressure, so these issues have to be negotiated further. Good to hear we may get an agreed path forward next month so we can start thinking about mobilizing the monster rig!
Ann: Quarterly Update Presentation, page-8
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