Q1 - 2024, page-8

My take is that FID has already been taken albeit in soft version because RR have specifically stated they provided the funding option to mitigate project uncertainty. RR have clearly decided to invest in the project to increase their development spending prior to the EOFY in Uk this year thereby reducing EPL supertax liabilities on their other producing assets. Given that decisions need to be made in the very short term in regards to rigs, pipelines and drilling contracts in order to get this benefit, I would be very surprised if they haven’t started spending already.
The NSTA includes financial capacity as a main tenet of FDP approval, so one could reasonably assume that RR’s move to provide this funding avenue was only made once they knew that no other issues were outstanding. Ipso facto, the jv partners must be extremely confident of near term NSTA approval.