Exciting Funding statement from RNS12 Feb 2018 13:52
As previously announced, the Company has been progressing multiple funding options to finance its 2018 development programme and is pleased to report that it is in advanced discussions with multiple industrial parties regarding potential JV arrangements relating to both its 100% owned Liberator Oil Field and its application within the UK's 30th Round.
Pursuant to these discussions, the Company has received indicative commercial interest from a counterparty to provide 100% of the funding for a multi-well development on Liberator and the Company's 30th Round application block, amounting to estimated total capital commitments of approximately US$200 million.
JV discussions have reached a mature stage and, should these commercial arrangements conclude in an expected six to eight weeks timeframe, the Company would maintain a working interest of no less than 67% in its Liberator and 30th Round application blocks, after a multiple of the capital commitments have been refunded to the parties from post-production cash flow.