Oz
Nido shareholders were past their use-by -date.
Plan A
If Baragatan came in then a CR for W.L. would have been a cinche. Looked to me that financing W.L. was getting tricky as PB indicated a revised approach to development.Bank would have considered the $26m debt in Galoc, they would probably not have come up with any finance till after a successful drill (still considered exploration) etc.
Plan B
BCP have probably been interested for some time (some of our off-takes went to Thaigerland) - API 35 light sweet crude close to their refinery (price advantage in freight so could offer a better price, hence other Galoc J.V.would join the party to sell to them).
Chitty-Chitty Bangchak was sent in to acquire just under the 20% threshold. Win-win situation no matter which way Baragatan went.
Conclusion
How long has all parties known about this scheme ?Maybe I'm cynical, but is this just Business ?
Nido post Bangchak deal, page-4
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