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Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K - page 29 / 83

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Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K

investors. commercial fulfillment

Investor appetite will depend on

structure,

relevant permits

of

other

conditions

standard

and for

our ability to obtain an acceptable

other regulatory

approvals and

the

non-recourse

project

financing.

We have undertaken a risk analysis of the project and have identified the following project specific risks:

Construction Risks:

- -

Delays in completion within the

Failure of the EPC

contractor

budget to meet

the

required

contractual

performance

levels

Operating Risks:

-

-

Project efficiency Increased technology

performing

operating

below expected levels

costs

due

to

insufficiency

of

of

-

Delays due to inclement weather, breakdown or failure of equipment and third party risks

Market Risks:

  • -

    Cushion gas price exposure

Regulatory Risks: -

Inability of Terranova to obtain permits and/or rights of way Changes in the regulatory conditions

the necessary

-

and requirements

may directly affect the profitability of the project

Environmental Risks:

-

The

construction

result

in

adverse

which could

delay

curtail

operation

and operation environmental

of or

the project may

social

impact,

completion of the construction, and result in payments of fines or

remediation.

Inflation Risks:

-

Increased operating project's earnings

costs

adversely

affecting the

Financial Risks:

  • -

    Interest rate risk

  • -

    Foreign exchange risk

Political Risks:

-

The

risks

of

expropriation,

nationalization,

inability to obtain foreign

exchange and transfer it

outside of the project

country.

(Also see "Sovreign

Risk"

section

in

Risk

Factors)

  • -

    25-

While the above risks are typically dealt with through contractual mechanisms in

project

finance and

other documents,

will be

successfully

mitigated.

no assurance can be had that these risks

Results of Operations

YEAR ENDED DECEMBER 31, 2005 COMPARED WITH YEAR ENDED DECEMBER 31, 2004 -----------------------------------------------------------------------

REVENUES: The

Company

ended December

31, 2005

reported

revenues of

$1,861,323

for the

as

compared

with

revenues

from

continuing

twelve months operations of

29

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