Mon, 19 Dec 2011 08:45:00 +1000 13 hours, 35 minutes ago
WOODSIDE SEEKS VARIATION TO BROWSE RETENTION LEASES
ASX Announcement Monday, 19 December 2011 WOODSIDE TO SEEK VARIATION TO BROWSE RETENTION LEASES Woodside advises that it intends to seek amendments to its Browse Basin retention leases, including a request to vary the condition relating to readiness for a final investment decision. The participants in the Browse Joint Venture are currently engaged in discussions on the final nature of this planned request for amendments. The request for amendments will be made to the Joint Authority and the WA Minister for Mines and Petroleum at the conclusion of these discussions.
The current Browse Basin retention leases require the lessees to be in a position to consider a final investment decision by mid 2012. Woodside believes an extension into the first half of 2013 may be required. While the joint venture has to date met the schedule imposed by the retention lease conditions, the variation would allow time to better evaluate the outcomes of front-end engineering and design work and the results of the tender processes for the development’s major contracts.
The revised timetable would also allow more time to complete necessary assurance activities. Contacts: MEDIA Laura Lunt W: +61 8 9348 6874 M: +61 418 917 609 E: email@example.com INVESTORS Jeremy Hams W: +61 8 9348 6290 M: +61 412 288 781 E: firstname.lastname@example.org.
Also, as predicted, are delays associated with the Front End Engineering and Design. More from Redhand later on the engineering but suffice to say you can't build a gas plant on an old riverbed just like you can't build the new sports stadium on an old rubbish dump at Burswood.
Julia Gillard needs to do a bit of a probity test on the retention leases issue, how did Ferguson get away with this? An independent public inquiry into that must happen.
And that Woodside also "...complete necessary assurance activities." now the details of those and who provides them will be interesting?
14 September, 2011 - Blockade on Manari Road