"So net proceeds after tax from 11 shipments in 2014 looks like being US$44 million"
Well NDO are expecting net proceeds of US$50M in 2014 and they own 22% and OEL owns 33% of Galoc. I would like to think the CEO of NDO on the BRR interview has his number right, so your OEL numbers of $44M must be wrong.
They are not factoring in the capex recovery component.
The $5M per tanker cash must be after the capex has been recovered and it will revert to that number once the US$69M has been fully recovered (and some of this may have already been recovered in late 2013 shipments.
Ann: Investor Presentation , page-28
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