Add the potential Woodside/Santos merger to the list @sergeant. Lots happening in the O&G space right now.
Good to see COP28 acknowledge the role transitional fuels i.e gas will play also. The macros are lining up for gas explorer/producers.
Out of curiosity have you had a chance to re-run a cashflow at a notional HHR 20% equity?
We already know RR are wanting to spend as much capex as they can prior to March 28. If HHR stay at 20% they will also need capex to offset the EPL. It means that RR/HHR's interests will align in getting Phase 2 up and running.
HHR is itself transitioning from explorer to producer which is never easy. A reduced but risk free cashflow in Phase 1 is not such a bad idea.
Combined with the fact that, if things are going well, HHR can buy back in to 40% is an added bonus.
Come on FDP, we're ready for that to drop now!
Ann: Funding Solution Secured for Project Development Costs, page-57
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