Actually, I don’t think a strategic equity stake in the company in return for a free carry on a single, specific project ie Rafa makes a whole lot of sense after I’ve trimmed a few hedges and had a swim and a cuppa and a hot cross bun or three. I think it’s far more likely to be a project specific farm-in - may well be 25% Rafa for 2024 appraisal/retest free carry with option to increase for follow-up exploration through to production. And agree a nice cash injection compensating for activity to date, maybe extra for Yulleroo UnCon or even Ungani Oil if desired.
I do, however believe there is a founding strategic partner stake to be had by anyone lucky and enlightened enough in 2H. And also in GeoVault, which would make most sense to be the Rafa farm-in partner, one and the same.
BRU Price at posting:
11.5¢ Sentiment: Buy Disclosure: Held
