You can get free carried to production deals like hartshed but they had to give up 80percent of the project to do so. Theres going to be a fine line between how much IVZ burns cash and its free carry production it ends up with if it gets to that stage. Note that hartshed couldnt even get bank funding for the 40percent it held so had to give up 20percent more hence why I call out SMs BS on bank funding bordering on lying as its incredibly difficult to obtain funding from banks for oil and gas projects.
Ann: $15m raised to fund Well Test & Cabora Bassa Operations, page-221
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