trading halt, page-34

Stat,

I am suspicious that it is a change in equity position for both in the whole block. If it was just FID I'm sure the request would reference the "early production system" or the "tindalo EPT" or similar.

Two possibilities:
1) NDO increases equity position in the block (unlikely)
2) Both NDO and KIK farm down to "south east asian co."

I don't think FID is likely as KIK's announcement would have referenced funding (debt or equity) and I still believe that KIK do not have the $$ to push the go button.

While NDO have said that they wanted to carry the full interest in the block it may be that they got excellent terms and that it was needed to give the farminee enough % to make it worthwhile (i.e. if KIK would only give up 20% it may not be interesting but if they got 20% + 15% from NDO with Nido still operator on 55%...).

There is also a chance that NDO have baulked at becoming a true operator - but I still have some confidence that they will back themselves at least for the rig based EPT stage.

p1000