consider:
over the next 18-24 months, most of the cash, and all of the debt will be spent........forward EV circa 1.1bn
what does this imply for "financial risk"
over the 24-36 month period - the operational risk will then start to decline (start of having production history)......
upside:
expl success to the South - TBC for timming
reserves upgrade - post 12-months of prod history ........
downside
any capex o/runs
any delays
any chg to junior debt terms
oil price...
and people wonder why the share price doesn't move
lolz
V_H
Shareholders stymied, page-26
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