The “other” and most likely instrument is debt financing in my opinion, or a mix of equity and debt finance perhaps. Debt financing allows the interest to be offset against earnings and given the robust project economics and likely higher oil price would be better for the company, and shouldn’t be too difficult to raise. AC has alluded to the strong interest from financiers in the past. There may be some equity financing but I think it would not be CVNs preferred option at this point, unless there is a strong SP increase on the back of success at Pavo and/or Apus. Even then, I think it would be used sparingly and only for interim working capital.
Dorado Funding, page-9
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