Positive SP Action, page-52

One small point is that CPC pay 50% of their capital call so they are effectively paying half of our/CVN's capex up to the maximum of US$90m. So CVN will have received the full US$90m once $1,800m (50% of CPC's 10% share of capex) has been spent on capex from FID.



From the 22 February 2023 CPC sale announcement:


The key terms of the transaction are:
Effective date 31 August 2022
Conditions and completion Customary conditions in respect of Joint Venture approval,
approval by the Foreign Investment Review Board (FIRB)
and approval and registration by the National Offshore
Petroleum Titles Administrator (NOPTA)
Minimum six (6) month completion period, with Carnarvon
expecting completion to occur by end Q2, 2023
Consideration At completion: Back costs payment of US$56MM, as
adjusted for the period from the effective date to
completion
Dorado FID: Future permit activities payment of US$90MM,
payable on a progressive basis following FID of the Dorado
development based on 50% of the amount of each cash
call paid by CPC after the FID date