Disagree. CR would be based on current market price of $88m, which includes not just Cuba.
Farm in (of the joint venture) would be based on proper industry recognised valuation of the Cuba assets, certified all reserves in place, etc.
As stated in the Webinar the project is de-risked to a large extent and you would expect the farmee would be in the industry and looking for an early return.
If a farm in partner is willing to pay 100% of the costs of the next 7 planned wells into 1B (cost $75m to $100m) then thats got to be a better alternative than raising at these current levels.
The only questions will the farm in partner take over management and what percentage they will take.
Ann: Webinar for Block 9 Update, page-98
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