Ann: Oilbarrel Conference Presentation , page-5

Had a quick glance at the presentation, 2 things that I am curious about:

1) The write down of the I.C asset was due to the Vitol transaction, smashing the book value right down (and rightly so). However surely if you are gonna account for the transaction you would have to credit the 50US Million as well?

2) Sort of what Asteroider hinted at but given that Vitol now owns 65% of the asset do they have to fork out 65% of the costs from here on in? If not paying $50US million claiming 65% of the profits and not having to spend an extra cent is a pretty sweet deal.

Will post more later just got home from work. Love the action on London atm though.