Ann: Strategic Investment & Production Sharing Agreement Update, page-235

This was the bit in the announcement that got me thinking:

"The Company’s high equity stake across the three licence areas in a significant and strategic resource provides multiple partnering and financing pathways for each licence area, including upstream JV partners, services companies, regional development banks and other strategic partners, which are being progressed to unlock value for the Company and its shareholders."

This sounds to me like they want to farm out separately. How that looks and at what % is anyone's guess right now. There's a few options:

1. Flow test then farm out into Mukuyu
2. Drill one in the basin margin and farm out a potential liquids development
3. Drill one in the eastern areas and farm that out when/if it hits the same quality gas as Mukuyu, proving the whole basin.
4. Farm out some of the above and take the cash plus some finance for development of the rest.

So many options when you have 80% of a 200sqkm basin.