RE: unravelling the vagueness on finance in the RNS26 May 2020 11:42
Investment Options
Consequent on entry into the rig contract, BPC has granted several investment options to Stena Drilling Limited (the "Optionholder"), such that, prior to 1 December 2020, the Optionholder has the right (but not the obligation, and there can be no assurance that the Optionholder will exercise the right, all or in part) to (i) subscribe for up to $10 million of new equity in BPC on the same terms and conditions as would apply in any BPC capital raising, or (ii) farm-in to the BPC southern licences on the basis of $10 million for a 10% non-operated working interest. If the Optionholder were to seek to take up either of these investment options, the consideration could be satisfied either in cash or by way of offset against amounts payable by BPC under the Rig Contact.
Potter is valuing the drill at $100 million, offering a % to Stena at $1miilion per 1%, I'd guess the offer is open to others too?