Ann: Waylering Update, page-74

Hi Wot
Takeover TEG !? What for?
The Cliff Head operations have lost money in the past 9 months since they developed the Geraldton Port oil export route and this has been confirmed by Pilot's quarterlies; and
The Cliff Head facilities have to be restored eventually. TEG shows a provision of $15.8M for its share in its accounts at 30 June 2022, but IMHO that looks light on to restore facilities that initially cost $327M.

I think TPD (and NZO) did the perfect deal for us by buying into TEG's blue sky assets and avoiding the ageing legacy liabilities.

What's there not to like?
Cheers
ft