They dont have more money to throw at it, and by my calcs, are around USD6m short of whats left owing on the USD39.5m. That doesnt include additional costs of proposed remedial work, or maintaining the USD5m minimum reserve amount.
No bargaining power, Talos can wait for them to defaut and pick up their share for nothing.
So the question is, do they raise equity again, to throw more money at GC21, with no guarantee of success ?
Ann: CG21 Bulleit Field Performance Update, page-57
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