Ann: Aje Field Development Plan Approved , page-4

kastin,

Agreed, I thought the idea of getting the subsea trees already was to cut the development timescale, but I suppose we have to acknowledge that they aren't at FID yet. I would think at a minimum a development (albeit only 2 wells) would take at least a year to plan and execute. I think its probably going to be the FPSO that would take the most amount of time, as I assume they may need to order this to be built (they may be able to get a second hand one, but if they could I assume first oil would have been much sooner).

It does give some more funding concerns, as the JV are planning on drilling an exploration well later this year to target the synrift plays so brings more funding requirements along with Hammermet West before we get production flowing.

The announcement has however provided us a timeline to financing and then getting out of suspension, as they have suggested that financing will be sorted by the 31st. Assume this is not an asset sale, but some sort of equity issue / debt facility as I would think they would need longer than this to complete the disposal but hopefully its something along the lines of the previous convertible loan note (hopefully a bigger loan note, maybe upto $10m would do nicely).