A seven-year-old dud sale of a depleted oil tenement in the Timor Sea has morphed into the biggest hit to the oil and gas industry since the petroleum resource rent tax was introduced in 1987.
Woodside Petroleum must rue the day it sold its majority interest in the Northern Endeavour floating oil production facility in the Timor Sea, 550 kilometres from Darwin.
The sale price in 2015 was $US95 million, a measly amount considering the company was generating revenue of $US5 billion and had an enterprise value of $US19 billion.
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Tony Boyd is the former Chanticleer columnist. He has more than 35 years' experience as a finance journalist. Connect with Tony on Twitter. Email Tony at tony.boyd@afr.com
