according to that article, the entire investment of Minerva cost US$123m for BHP's 90% share. so that included field development, pipeline and plant etc. That article was back in 2002.So funded over say 2yrs?
COE is not buying the field, but only the processing plant.
COE then will only have a 50% share, of which it already has paid 10%.
The plant is 16yrs old now, and once Minerva field stops producing, then Minerva currently has no gas to process.
So I think that the plant will not have cost all that much, and COE will be able to fund it's share out of funds on hand.
I would imagine there will not be any CR needed to fund it.
I think the Minerva plant is worth much more to C/H JV than to BHP.
Also, they say that whilst an agreement has been reached to sell the plant to C/H JV, that the deal will not settle until the Minerva field has stopped producing.
And from what we read, the field is not depleted, and is still producing.
COE says the Min JV is now reassessing the field reserves.
So it sounds to me like the field will keep going for a while --- and therefore settlement will not take place for quite some time, and therefore it might allow COE to fund the purchase from cashflow from Sole production.
Thats why I am thinking that there will not be a need for a CR.
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