RE: If SKK Migas approve3 Dec 2025 17:03
He has no idea, just scaremongering still. The legal position still really matters here and it can’t just be brushed under the carpet. Yes, engineering and early work can carry on, but FID, full funding drawdown, reserve booking and final completion all need clean title. A live English law JOA dispute over 8.5% is not something lenders, lawyers or auditors will just shrug off. Until EME is properly dealt with, Conrad simply doesn’t have full legal certainty on the asset – no matter how loudly people try and say otherwise!
And Nations can only buy what Conrad actually owns (not what they say they own). They’re buying Conrad’s 75% (and Coro’s via Conrad), not EME’s 8.5%. Until that stake is either bought out by agreement or removed by a proper legal ruling, it legally stays with EME. There’s no magic shortcut around that, however much some want to pretend there is.
And yes – delays absolutely hurt. Even if early work keeps ticking over, any slippage around FID, approvals or funding release feeds straight into timelines, costs and valuation. Delay risk always gets priced in. The longer this drags on, the more pressure piles onto the party that actually needs certainty to get this thing fully over the line. The legal position cannot be ignored .