RE: TRP30 Sep 2024 13:51
This is really vague, are they saying they need two or more JVs to drill NJOM-3, and hoping for a previous contender to still be interested..Then there is the mention of bank financing ???
We have now received a proposal for financing of NJOM-3 via a farm-out of a minority position, from a substantial upstream company with existing production. We are in discussions with this party about the details of their proposal, however we can say that, provided discussions conclude positively, this proposal should provide sufficient funds to drill the NJOM-3 well - we had received a draft proposal from another party last year, but only for a portion of the funds required. While there are multiple other parties who have expressed interest in partnering with us, there are two other parties in particular who have undertaken substantial due diligence on the project over the past few months, and we are also expecting a proposal from at least one of these companies. Our intention is to conclude a transaction as soon as possible.
Banks development financing.....one for short term development, which would supplement a farm-out to finance putting NJOM-3 into production earlier,