If it is a plant issue why did they agree to only $19.5M in liquidated damages from APA Group
COE share was $355 million offshore project:
• drilling and completion of 2 production wells
• 67 km pipeline and umbilical link to Orbost Gas Plant
• shore crossing to plant
COE completed under budget at $335M.
APA were required to perform a $250 million upgrade to Orbost Gas Plant. Commissioning expected to commence in September 2019 and commencement of sales gas supply in December 2019 at a date to be advised by APA.
If it is a plant issue then it is in respect of APA's obligations.
Another $20M has been spent (of which COE contributed 50%) and this does not appear to have remedied anything.
If COE believe it is a plant issue:
1. Why did they accept only $19.5M in LD (And give up future claims)
2. Why did they agree to contribute 50% in fixing the issue (And have already spent $10M)
3. Why do APA get a share of revenue
Ridiculous, no wonder this stonk is the only one declining
Sole Project, page-55
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