"We successfully completed the planned technical and engineering programmes, which have delivered greater functional and cost definition at this stage, and we have advanced our reservoir modelling to provide more subsurface certainty as part of our overall reserves strategy, which will be incorporated into an updated Reserves Assessment Report in due course. We are making good progress with our commercial discussions with partners and have reached agreement on many of the fundamental principles, which are being integrated into the contract documentation. An integral part of this contractual structure is the early definition of project costs and, given the current environment, we are continuing to do further work in this area in order to capitalise on the cost benefit opportunities that are slowly working through into the sector.
Not so sure about that, engineering seems mostly complete, as it should be by now, it looks to be the contract and finance finalization, and for sure apart from the oil price volatility they needed to wait out the Budget before concluding that, on both sides.
Hmmm, interesting use of terminology as it now 3/15, 'due to be built'.. Wonder how that melds with Kenny Cai's/TS Offshore/FTS Derrick's wish end 1/15 to convert new build CJ50's to CJ54's more suited to North Sea use.. Whatever still better to get a rig ex KFELS construction.
'Once again, I strongly encourage shareholders to read the information and updates provided by the Company, rather than uninformed sources. We will inform the market when we have relevant and material news to share, as would be expected and in accordance with our public company reporting obligations.'
At first read there is a clear admittance at last that the low POO is severly effecting contract and finance negotiations, as many had suspected. The FDP appears to be nowhere near ready for submission as the company admits 2015 is now dedicated to contracts and finance negotiations. It also appears that the rig has not yet begun to be built? Any mention of revised ES submission? Let's see how the market reacts to these seemingly new delays.
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