It was a marginal field that Apache brought onstream in mid-2014. WPL bought Apache in Dec 2014 & the sale was backdt to July 2014. The FPSO contract was for 4yrs till Aug2018 & was terminated by WPL in March 2016 after some issues. The field had produced gross 3.45 mmbbls Oil & apprx USD167mil revenue (net 2.247mmbbls & 109milUSD). At a Q&A session in Feb2016 during the company's Full Year results Coleman expressed disappointment about the actual Resource size being downgraded to more like 1P rather then 2P. WPL had recorded impairment for this asset.
Anyways, was a 249 page verdict summarised in 6 lines for the benefit of ASX & everyone else. Not sure about the USD275mil 'Lost break Fees' claim by Bumi plus USD2mil milestone payment.
Ann: Bumi Claim Dismissed, page-4
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