Dont forget the following is the norm for the Philippines but...

Dont forget the following is the norm for the Philippines but Nidos Service Contract may differ a little.
Nido are required to pay hefty operating expense
including lease on the FPSO.This is normally due to be paid starting when the vessel arrived and passed the required specs even though no oil was being produced.
Then there is the share for the Philippine Govt which starts off small to allow the oil companies to recover their costs (cost recovery oil). After costs are recovered then the Phil. Govt share gets bigger.
Then there is corp income tax.
Obviously there are more costs but you get the idea.
When there is an oil sale the cash is not paid by the buyer immediately but is often 30days after field transfer during which time the oil price is set.
Finally when cash flow is coming in Nido have to start paying back the loan/s they took out for their share of development costs.
Anyway at the end of the day Nidos share is not that great and there is the ever present risk of the field watering out prematurely, and that children is the real reason that many of the smart investors have already bailed out.
Occam