A lot of the pessimism seems to be centred around the JV partner, Bharat Petroleum. Bharat are a huge company, though with little to no profile here in Aus. Just to make the Fortune 500 list, you have to be big. Take a look at the list and you will see some very big and well known companies ranked after Bharat.
http://money.cnn.com/magazines/fortune/global500/2010/full_list/
As for the JV, IMO all will be signed by said date. Hole will be drilled early next year, and everyone will be happy, except maybe those who bailed just as things are happening after so long with nothing happening.
Credit to management for the terms of the JV. Most likely Bharat have been trying to play hardball about the terms of the JV for a while, hence the CR. Im sure Peter thought well if you want to play the game then we will just CR and drill the hole ourselves. Bharat arent stupid. They werent about to let this one slip. Remember the potential of EP413 and TP15 that attracted most of us to start with????
My 2 cents.....
A lot of the pessimism seems to be centred around the JV...
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