RE: Platypuss28 Jan 2021 19:26
Licence partner Parkmead Group is expected to take over as operator of the Platypus project in the coming months, subject to regulatory approvals, according to a letter circulating among supply chain firms.
An industry source said the decision to pull out meant Dana’s reputation with frustrated service companies who were tendering for Platypus contracts would be badly damaged.
The letter indicated that Parkmead and CalEnergy Resources, the other licence partner, hope to press ahead with the project, but the development plan is expected to be revised.
Dana, a wholly-owned subsidiary of Korea National Oil Corporation, currently has a 59% stake in the licence, which it intends to relinquish.
The Oil and Gas Authority (OGA) can take up to three months to process relinquishment requests.
London-listed Parkmead Group, which is headquartered in the Granite City, has a 15% working interest and CalEnergy, a subsidiary of US firm Berkshire Hathaway Energy, has 26%.