Tamarind directors believed Tui funding was sufficient - liquidator

Wed, 08 Jan 2020

Operators of the Tui oil field believed they had sufficient funding to complete at least two of three planned development wells, even if the first proved dry.The first report by liquidators investigating the US$320 million collapse of field operator Tamarind Taranaki said their preliminary investigation did not identify any specific breaches by the firm’s directors.Prior to last year’s drilling campaign the firm had already arranged reduced payments – due to low oil prices – to BW Offshore, operator of the field’s floating production vessel Umu...

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