VH.
This was always on the immediate horizon....with or without a contagious virus. CoVid just bought it rapidly forward(blackswan/blackbat)
This is why I would really like to understand the timing of the finance teams decisions, around 'JV finance' or 'going our own way finance'. The tragic thought I have is "was delayed it all delayed pending ""all in on PE""????"
As explained before....its what separates a great team, good team and poor team in the transition to serious producer and by extension bringing value to shareholders.
In other words maturing from explorers who live by the mantra..."all in" on the next hole and then bring out the cap for the next hole to becoming a truly responsible value accretion corporate managers (a new mantra which Reg would understand through experience). The harder work of understanding risk in all its guises.
PE was always going to be a proxy "all in on the next hole" and when it transitioned from a potential gain to a serious liability it should have been revisited by the finance team wearing "where on our way to production" hats. Meaning lets look at all scenarios that minimize risks.....
And just one out of many risks that needed evaluating was finance......and in this case JV relationships, forward economic outlooks (regardless of CoVid) and SP vulnerability.
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