Yes the fact that TEOL have basically invested at least £45m in HALO is intriguing. If all the potential reserves in the acreage are proved then the investment is even larger. It will be very interesting to see how this plays out.
Easy with Third Energy taking 20% of Halo shares as payment for their assets I don’t think dilution is an Option for HALO. Cochran must have given assurances to them. Also Cochran’s share would be diluted. I think tapping up Engie is the preferred option and selling the gas to them maybe.