What is the total Interest Expense from 2019 to first oil in this scenario Whisky when EBIT is negative?
How can interest expense be funded from 2019 to 2021/2023?
Is all interest accumulated till first oil at some nominal % then the accumulated amount all paid in first year of production or do we cap raise to pay just the interest expense for a few years till income stream commences? PE would be handy, further farm down in Gambia may help. Perhaps a nice find in Gambia will lead to SP spike, which then enables a CR and consolidation?
My understanding was that the project debt covering 50% would mature at first oil but the balance would have to be something more complex and possibly incur some dilution or at least significant risk of dilution.
The finance arrangement is the thing that is unknown for FAR at this stage. Probably will remain that way till FID I expect.
2018 FAR Ltd AGM Presentation, page-42
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