RE: Seymour iii28 Sep 2018 13:21
Cont
YA - again some clarification is required but most likely they will settle the entire amount from somewhere. But where?
Discussions with the ‘Industry Majors’. Well, all eyes will be on this. Do they have to announce both deals at the same time, or is one discussion more advanced than the other?
Financing. Could be debt from EBRD or conventional bank? Could there be more shares issued? Well, they only have 2-odd billion head room left and against the current sp, so doesn’t give you much money against their ambitions for 2019. However, interestingly, the near $10m increase in ‘other accruals’ in H1 results was an interesting development and difficult one to work out. But perversely a positive signal in my view that a creditor(s) feel confident enough to extend this level of credit to FRR. If I had to take a guess, I reckon it may be due to drilling contractors and may relate to going back to T45 and Dino to go in to Eldar B formation. Why I say this, well, if you go back to Twitter feed of 12th July, they put up pictures of T39, with message 90% rig down, 45% move completed. At the time, afew of us quizzed what that meant, move where? So a question for the meeting I guess. But surely they couldn’t hide such material info from us?
Anyway, thought I scribble some thoughts down as it is a slow day.