Ann: Annual General Meeting Presentation, page-214

Lots of talk about how this gets financed. Let’s face it, there will be dilution of some kind. Either asset sales, a heavily skewed offtake to CNOOC to get a loan, extensive (expensive) hedging to support the loan, perhaps a convertible loan giving the lender a large chunk of equity. Maybe all or none of these. The point is, it is possible. The world still wants and needs oil. The field is world class. The economics are based on some very conservative recovery rates, so that provides some upside.
FAR is a long way from being without risk, but, is worth double the current sp, even in a fire sale scenario imo.
on the point of management competence. Cath and crew have been a bit flat footed in exploiting opportunities and buoyant markets, but on balance, I would rather leave them in charge of a project that they know intimately, than bring in some carpet baggers that don’t care at all.