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SNE Project, Phase1 tenders due by early Sept, page-11

  1. 16,385 Posts.
    lightbulb Created with Sketch. 3860
    First up FID does not require exploitation approval.
    BP and Kosmos FID without it just before Christmas.
    Second, WPL has already had to extend the lease once because they couldn't get approval in time.
    Third, its almost impossible to remove anyone if they have completed the work program..... the gov won't want 3 years of arbitration running over their oil field.
    Fourth, there is no COP indemnification in their Sec filings that I, or anyone else can find.... so if they let it lapse they lose the lot.
    Its a JV which WPL don't have the votes to override the other partners so they will have no option but to tow the line.
    The mess, as you call it, will be sorted very soon.
 
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