Thanks
@cmonaussie
I got from 20.08.10:
1. The Transition Agreement provides for the sharing of costs and revenue between APA and COE whilst OGPP commissioning proceeds towards completion.
2. The Transition Agreement will expire on the earlier of the date of Practical Completion or 1 May 2021 (unless extended).
I interpret this as until the Transition Agreement expires any revenue and costs are to be shared between the parties. My reading is this includes all revenue (irrespective of whether it comes through spot sales, or the Sole Gas Sales Agreement).
The below affirms that gas sold at spot prices was considered revenue (and shared pursuant to the Transition Agreement).
View attachment 2821274
So I guess the question is why would revenue from the Sole Gas Sales Agreement not be considered revenue as defined by the Transition Agreement (and shared pursuant to the Transition Agreement).
Especially noting "
Under the Transition Agreement, APA will make contributions to the cost of certain back-up supply arrangements in instances of production shortfalls".
Isn't this saying that if there are any production shortfalls (for the purpose of satisfying the Sole Gas Sales Agreement) APA are required to contribute to the cost of the the supply pursuant to the Transition Agreement, and therefore aren't they also entitled to a revenue share?
Your take makes commercial sense, and is hopefully how it is playing out but I'm growing skeptical by the silence and ambiguity...
(20min delay)