Ann: Equity raising to finance Sangomar Phase 1 Presentation, page-62

Yes, I think many forget this part.

The saving via JV finance (at the Operator's discretion) would have saved FAR 50% in interest payments.

For the life of the project or 7 years on the loan, that is a lot of $.

The other thing that is Not discuss at the moment is, FAR is basically betting the whole company on this: the loans (USD $500M) will exceed FAR's MC of AUD $500M. Any mistakes, delays, drop in the price of oil by $10 plus will likely mean the bankers will take over the whole company and all of its assets for Nothing. And shareholders will be left with Nothing, after 10 years waiting for dividends/capital gains - for some it will be 20 years waiting.

The only ones who would have gained over those 10 plus years will be Directors with their massive salaries plus performance bonus shares.