What now appears certain is that whoever owns the asset going forward now has a legal commitment to pay for the contracts now legally put in place by the Operator.
Reg Nelson said some time back the Operator doesn't necessarily need to have ownership of the asset, but can be paid to operate the asset on behalf of the owners. PC said WPL likes to have a large ownership stake to underwrite the risk associated with being the Operator. There is quite a gap between these two statements.
What this means is whoever has a stake in the ownership of the asset now needs to be able to finance the percentage they own.
It will be interesting to see what happens when the PE result is released.
IMO & DYOR
Ann: Sangomar Field Development Exploitation Plan Approved, page-49
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