Any thoughts... ??

I posted this a few days ago on LSE and no answers have been forthcoming.  Anyone......??

""Are there any reasons made public for the cost over-run .. ??

On 13th May Tpet raised A$5M ""The proceeds of the raising will be applied to the 33% share of any costs in excess of the US$33m free carry .... ""

Presumably at that time the spreadsheet would have shown ALL costs and areas of concern and the placing was to cover all eventualities ...

And yet, despite a flawless, safe drill which was completed some 3 weeks early, xtra costs were incurred which have virtually bankrupted the company. Bearing in mind that Tpet were liable for only one third of xtra costs are there any thoughts on why the costs over-ran by 10's (??) of millions of dollars. ??

The finance director left afterwards, but unless there's something unusual going on, he would not be in sole charge of access to the spreadsheet. I'm sure he didn't get his qualifications from the Tesco School of Finance so what happened.. ??

Feel free to correct / amend any errors in the above...  ""

Also   ...  """15 September 2014  The head of exploration and production for Lisbon-based Galp Energia   Stephen Whyte    has resigned as the integrated Portuguese company positions itself for a major upstream expansion in the coming years.""

Missed this. I wonder if it's connected with the debacle. Galp was liable for two thirds of any cost over-run

http://www.upstreamonline.com/live/1376738/Galp-EP-boss-resigns