I wasn't expecting the expansion permit could be granted before the LOI expiring this month but I did expect the parties would be at lease renewed the LOI again for another 6 months.
How hard for them to just renew a non exclusive non binding LOI? They packed their bag and walked away instead.
I don't hold my breath on company is considering a better deal currently as they wait until the last day to announce the LOI is over and no mention on other negotiation.
No permit no offtake/JV
In hind we should smell this when Smedvig packed their bag 10 months ago
Ann: Tripartite LOI Update, page-97
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