Otto's quarterlies of 30 April show their share of costs on Phase11 coming in at $62m for their 33% stake which would indicate Nido's costs to be at $43m for their 23% of the JV.
To bring it on-line for 1st oil in Q4 (barring any hiccups) shows that every cent Nido have now (not counting recurring revenue from oil already sold) will be committed to ph2.
Maybe I'm missing something but I reckon they were taken by surprise at the speed of which Otto got Ocean Patriot enroute to Galloc and have no option but to delay other projects ?
This might go some way towards explaining the current boardroom turmoil also ?
Any ideas guys & girls ?
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