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Goodness there were some nuggets to unpack from that presentation. It’s actually a lot easier to unpick when you read the transcript of the session.

There’s a massive under appreciation of future cash flows here. And I think they have a pipeline of other assets also and seemingly the network to finance and execute.

The good news is Finder are in advanced discussions over the rig so they must have one under negotiation. Also pre the pervious announcement the farmnout with Timor Leste will be amended for more flexibility for Timornto help Sunda make advance payments which would likely include their share of the rig deposit.

Looks at the cash flows and the timing of payments and you will work out hiw they fund their 9m for Timor drill. Bear in mind also they get all revenue from 1 Jan 26. Taken me a while but I think I get to how they fund most of the drill cost

Why is it an issue - it has ZERO impact on the value of the company but makes the share price a more manageable number to handle!!

It’s the production upside that is the kicker here irrespective of any follow on upside from The well later this year. The economics begin to look very compelling

Excellent deal on the economics but it has taken some time to unwind the detail. The market will be digesting the detail too as it is complicated.

It was the same at seascape when Dewa was announced and then when there was clarity it unwound in the share price.

The question shareholders will ultimately need to ask is when this deal is done do they think the business is worth more than 11-13m. My answer would be yes.

Well done to the team although NZ was outside of my purview when screening deals!

Probably not Deeko. The drill is part is a 12-15 month drilling campaign across a number of prospects. Timing and priority will be more about logistics unfortunately

I’d be surprised if a deal wasnt concluded and announced now in next 7 working days

Possibly and possibly

I think it’s material. I just hope they backdate rhe SPA so that interim revenues form part of the payment the assets.

It would imply they are at the business end

That’s a decent chunk of change to drawdown. I assume they need to put some cash into escrow as part of the deal - not unusual as a pre requisite to signing and demonstrating funding.

You’ve been wanting them to raise for a while - with volatility they need to make sure they are in the strongest possible position

Assuming there are no issues this next week would be when I expect to start hearing something (assuming no issues on terms or financials).

Unless there are specific delaying factors I’d expect deal to be announced this coming week or the week after. Biggest risk is energy shock interfering with pricing.

There is no requirement to announce that there is an exclusivity discussion in the first place so it is at their discretion

Depends on the impact of the price spike on valuations and negotiations.

The risk right. Ow is that if you’re a seller of an asset in oil or gas and there is a protracted outlook to the current crisis then the risk is the seller holds out for a repricing. It’s the worst possible timing. May not be an issue but it’s a risk.

50pc and keep operatorship