V_H,
"however - OEL "must spend" the cash first, and then approved expenditure is refunded ......"
"....was a payment of US$24.5m on completion of drilling the first hole in SC55."
In reality, it's a fixed payment amount, not a refund of approved expenditure (which has the implication of less if it comes in cheaper, or more if there are cost overruns).
Capital Return, page-25
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