09-20-2015, 12:17 AM
'Stavros' pid='62935' datel Wrote:To my opinion, davidhmtk is correct. Nothing says the Wildcard has to be invoked after startup. The so-called "Wildcard" (Final Resource Payment) can be called for at any time prior to producing 25% of PRL 15 Certification of 2C Resources. It could be a day after the Interim Resource Payment, or after lifting 24.99% of the gas, or any day in between. At the moment, we assume that the Interim Resource Payment will be made in June 2016. If, after additional wells are drilled (A-7; 3 producing wells; water injection wells; etc) they conclude that there is 3+ additional tcf above what was Certified by the Experts, IOC can call for the Wildcard payment of $1,200 Million (3 tcf x 40.1% x $1.00 per mcf).
Palm is right. I re-read the SPA (p. 15) and the "Final Certification" cannot be called until "the date the the First LNG Cargo leaves Port". Stavros is right about the last time it could be called.