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23/07/24

13:37

Post #: 74873550
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Originally posted by psi81: ↑

ARU today have announced they've finalised the conditional approval for debt financing of Nolans, around USD800M.

This was one of the conditions precedent for the GSA to be settled with Mereenie which is supposed to be done by the end of July.

However, another of the conditions is FID on Nolans which seems a long way off. They still need to raise another 800M of equity and they imply that needs to be done before FID at the end of the year. So it looks like they'll miss the July deadline too.

With PWC desperate for gas and the other potential buyers it'll be interesting to see what the JV does. I feel like LD is too cautious to tear up the deal and chase higher prices but CTP is only 25% of the voting power of the JV. I think the most likely option though is the JV extends the conditions precedent to the end of the year.

Quarterly next week anyway. Expecting good volumes and high operating cashflow from selling all gas locally. Hopefully an update on the helium unit for Mereenie which is starting to really interest me as I run some high level financials on it - could be worth about 1 cps to CTP.

Flare gas compressor up and running too. At 0.125 TJ/d net to CTP it won't add much, in fact I'd say LD's paycut will have about the same impact to the bottom line, but it all adds up. Should cover the cost of Blend 43 and Assorted Creams for the CTP office.

From an operational point of view things actually look quite good for CTP at the moment.

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Always interested in what you have to say.

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