It was good to see them quantify the amount of $US98mil that CNOOC will commence to reimburse them from the start of next year as compensation for 'taking' a 50% share of their investment in this oil field. CNOOC have obviously agreed now on this amount so there is no dispute there.
Proper accounting should now require HZN to bring this amount to account as a receivable in their financial statements with a corresponding reduction in their Exploration and Development account thereby triggering lower amortisation charges going forward from here.
Working Capital calculations (cash+receivables-debt-payables) will look so much better and small cap Funds might be encouraged to invest here.
Ann: Quarterly Report Presentation, page-15
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