Share Consolidation, page-14

Retired,
The capex numbers being bandied about most certainly include the FPSO.

CR likely imho, Adrian is never going to run the kitty out on the exploration wells (and whatever gets reserved for Dorado). My expectation would be the usual 15%, ie about 240mm shares, which would currently raise a little over $50 mm. Sure it always means some dilution but generally provides a good opportunity for anyone aggrieved to top up on market at close to the issue price. Hopefully the sp recovers a bit more before a CR, Adrian has given himself plenty of time/cash. As we approach Apus drilling and Dorado goes into FEED surely it should? Since the last CR brought in cash at 39, I am a little philosophical about fresh shareholders getting cheap new shares in a CR, even if it is in the 20’s.

Imo STO are likely just as concerned about balance sheet, and if they can’t get a high % of project financing then they are likely to tilt more towards a leased FPSO. Many others here know far more about project financing than I do, so I will defer to any such good reasoned views.

Imho far too early to panick about any really big rights issue or anything. Adrian has form on the financials.

Not keen on reducing our interest in the undrilled 30% permits at this stage, we’d likely get peanuts. It’s certainly not going to do any heavy lifting.

EL