independent experts report

Section 3.2.1

"According to Gas 2 Grid it is unlikely that the work obligations set out in the amended agreement in relation to SC44 will be met within the required timeframe. THis has the potential consequence of Gas 2 Grid forfeiting its security bond of US $1million and jeopardising its position as contractor of SC44."

So the Phillipines jewel in the G2G crown isn't even a certainty.

Then 3.2.3 in relation to Canning basin:

"Gas 2 Grid notes that it has not yet been registered as the title holder in respect of EP453 as the application for approval ... has not yet been lodged."

So the only guaranteed certainty in terms of assets, according to the independent auditor, is the St Griede licence in France.

Hhhmmm..... seems like a joke to me!

JT