RE: RE: Pipe Construction Director B&S14 Apr 2024 11:07
So it's just the money we need, deferred bonds and go it alone or farm out? The DB route would be great but the only problem for me is that we haven't done the appraisal of Darwin (despite it being almost 100% due to the high liquid content and lack of V). Investors like to have no risk and this would clearly still be a risk, but if the appraisal is good like it should be then this drill comes part of the Capex already budgeted for because its goes from appraisal to development. Maybe 2 rounds of DB would be appropriate, one with a higher return than the other. Either way I love the thought of us retaining 100% and still think self funding is the more likely route with potential equity support from suppliers rather than a farm out- if Darwin was able to be farmed out, it would have happened by now in my opinion.