Ann: Rafael Resource Update and Regional Exploration Potential, page-9

For bank financing, we’ll need to have converted contingent resources to booked reserves, which I assume is still planned subsequent to the initial Rafa retest/appraisal program, bumped to this time next year. So yes, in the fullness of time, but right now, we need cash injections from flogging off a founding stake in 2H, oil revenue following Ungani restart and Rafa MainGame farmout, which I imagine will still be ~$150m total value including cash ‘n’ carry. I’d love to see $50m cash in there. Then, as CSB mentions, we’re betting the house on a Shallow discovery - that revenue stream could change everything funding-wise and today’s news is a game changer in that regard because it’s now likely we have Shallow lookalikes all over the shop.