Phil... Where have the mistakes been made, where do I start...

Phil...

Where have the mistakes been made, where do I start ;-)

There are a bunch of errors which should have been caught in the design and engineering stage and some of the operational performance is inexplicably slow.

There are also a few areas where the NDO strategy fell down - like not spending a little extra and completing the Tindalo well with a subsea tree and thus comitting to the high opex production system (rig plus tanker) for the life of the field (also no simple option to tie-in other wells). In the end it didn't matter as the well didn't produce - but that is another matter.

Looking forward, there are options to monetise the gas at abo-abo which I don't believe that NDO will consider (google gas to wire, there is a big opportunity to displace diesel electricity generation). That is the sort of thing that can be done with long term contracts and reasonably moderate CAPEX. Philippines govt would probably partner as it fits with their aim to reduce reliance on imported diesel...

In any case - I like to think I am reasonably good at my day job, which is well design and construction but I have more to contribute than that (although preventing the waste of another $40 million would be a good start).

I won't end up on Nido's books as an employee - nothing they can offer can compete with my current job/project. I can spare the time to serve on the board and keep them straight.

p1000