The State exercised its option under the Agreement to acquire a 30% interest in the Solwara 1 Project through its nominee, a subsidiary of Petromin PNG Holdings Limited. However, the State asserts that Nautilus has not met certain obligations on which completion is dependent, and that Nautilus has breached the Agreement. Nautilus refutes these assertions.
As previously disclosed, under the Agreement the State\’s nominee (Petromin subsidiary) must pay (among other amounts) its share of costs incurred in the development of the Project up to completion to acquire its Project interest (see links section for full press release). Unless and until the dispute is resolved, completion will be delayed or may not occur and Nautilus must continue to carry these costs. This may lead to Nautilus needing to slow or defer the build program for Project equipment, which would have consequential impacts on the scheduled commencement of operations and overall Project costs.
Nautilus will provide a further update, including as to any slowing or deferral of the build program, in due course following any further developments.
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We acknowledge the [financial] support of the Government of Canada.