Hopefully, BPT has basically bottomed. Main issue holding BPT...

Hopefully, BPT has basically bottomed.
Main issue holding BPT share price down  is uncertainty on Waitsia Stage 2 Project.
This is the news BPT investors are waiting for.
I bought some BPT shares late this afternoon at $1.485.
Expect an announcement from BPT tomorrow on any Waitsia timing delay and cost blowouts.
I don’t think cost blowouts will be over $100m and minimal timing delay. The heavy parts and equipment comes from overseas and no reports of delays there so far. Also, some $20m to $30m of Performance Bonds in Waitsia project are in place to compensate Mitsui and BPT.
The loss of 11 MMboe of 2P in Waitsia is equivalent to 6 cents per BPT share at $2 per GJ
Valuation. Pretty sure there are more gas to be found in Waitsia. Not a big deal in the big scheme of things.

from the afr just now:


Webuild plans to acquire several Clough entities including E2O (the Clough subsidiary building the $768 million Waitsia project for Japan’s Mitsui and ASX-listed Beach Energy) as well as Clough Projects and Sharp Resources via a deed of company arrangement, including intellectual property.

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Some workers on Clough projects, including Waitsia, have been walking off amid concerns they will not be paid full entitlements, including superannuation and holiday pay.

But Ian Gill, a lead organiser for the Electrical Trades Union’s WA branch, said he had been told by Deloitte that employees of the E2O subsidiary would have their entitlements before and after Clough’s collapse honoured.

Beach Energy investors were told this week to expect higher costs and delays on the gas project.

Morne Engelbrecht, Beach’s chief executive, indicated that an increase in the project’s cost was partially due to “inefficiencies” of the administration process as well as inflation and labour expenses, but did not specify how much costs had increased.