Production from Galoc is good for OEL but is of no assistance until the project finance within GPC is paid out.
Sometime 3rd quater the loan to the bank should be extinguished and GPC can start repaying the loan to OEL.
There are substantial cash requirements in the interim which is what OEL need the $$ for (Presumably they need $35mill or they would not have been aiming for that number originally??).
p1000
oil from galoc to be exported to japan , page-5
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