Spare Capacity, page-173

Hi Croc,

only a few months ago we had to educate you on how to use the formula and you are also using pricing from 4 years ago, even though we have seen high inflation and the price of oil is significantly higher than 2019.

we have previously touched on WKT optimistic price assumptions when we compared one companies BFS with WKT optimistic DFS, just look at the build time to see how wrong WKT were. We are upto nearly 2 years of what you call rapid construction, yet the progress has been minimal.

I guess when you are paying people to hand shovel dirt back into the pirs, it certainly explains the lack of progress.