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Ann: Notice received under section 203D Corporations Act, page-11

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coopec

2,669 Posts.

02/03/15

10:00

Post #: 14842259
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Originally posted by UZNBUZ ↑

Can't see the 203 going anywhere but the following is the concerning bit :-

"Tap has also received a proposal from the Operator to approve a capital expenditure increase for the facilities on the Manora Oil Development by effectively $28 million (gross) – a 15% increase since the 2015 budget was signed in December 2014. This would bring the total estimated cost at completion to $328 million (gross). This proposal was unexpected and follows Tap’s approval of the 2015 budget in December 2014 which was in line with the Operator’s previous capital expenditure estimates.

Tap understands that the increase relates to increased facilities costs claimed by the platform contractor, and the increased duration of hook up and commissioning work. Extensive work is being undertaken by Tap to validate these unexpected cost overruns, and further discussions are being held with the Operator. If these costs are approved by the joint venture, Tap’s total estimated capital expenditure for the project will be approximately $105 million (after repayment of the carry of Northern Gulf Petroleum Pte. Ltd). These costs have not yet been approved and are not considered commitments. Tap has reserved its position on these potential cost overruns until further clarity is provided by the Operator. "

What a fiasco !!!

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UZNBUZ

Just a shot in the dark. A fiasco eh? Is this the reason for removing the Directors?

TAP Price at posting: 35.0¢ Sentiment: Hold Disclosure: Held
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Ann: Notice received under section 203D Corporations Act, page-11

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