Its not quite as bleak as it seems if one looks beyond the previous "FID Ready" headline, which was always a bit fuzzy anyway.
There is a reasonable amount of detail which is basically pointing to the FEED work focussing on cost savings and rescheduling the drilling and production "expectations" to reduce Capex and stage cashflow.
Seems like the due diligence one would expect from a FEED design phase.
CVN will push for a FID and Production date as hard as they are able, but STO is the one dragging the chain. Perhaps its because they don't want to stump up 80% of the money. Well, now we have a potential path to reducing capex, early phase cash flow and a staged production ramp up paid for by those cash flows.
I'm happy to wait and see how this pans out over the next six months. When Trump gets in, oil is going to be well and truly back on the agenda anyway.
GLTAH
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