"Getting enough of it cheaply on good terms is what management should have done"
Yes, but don't forget that the project is forecast to have an IRR of approximately 30% at US$65/barrel.
That means FAR is expected to make a very healthy return on those borrowed funds at those prices. Also "The Sangomar Oil Field expected Brent oil price break-even is ~US$30/bbl (life of field) and ~US$22/bbl (from first oil)".
NOW lets hope we have a PE win!
Regards
SP
Ann: Financing Update, page-305
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