Ann: Corporate Presentation - Pavo Discovery, page-61

Rickly
They basically need USD400 (or AUD540m), will know the exact amount at FID. I think CVN for their share of costs could look at all available options on financing.

Cash of AUD 77 (till Dec) will pay for drilling of the 2 wells, Admin, FEED study etc, so by June end this amount will reduce.

Going fwd with FID coming up, I think they should drop apprx 7.5-10% equity, raise AUD 150-200mil, and finance the rest via debt facility.(ie selldown, Debt/Eq option). That should b in their comfort zone, as the mkt likes the story unfolding in the Bedout (Gross 2C of 158 + 43=201mmbbls for USD2bil spending is just under USD10/bbl).

We'll see what unfolds post-Apus, i.e, any further Drilling or Testing to be done OR start paying for the Rig, platform jacket, SURF, Long lead items, various contractors & FPSO for the 10 wells planned for Dorado Phase-1.U should read the Field Development proposal over the Easter long wk'end as its very interesting.

With regards to the FPSO question, there r various options that KG had mentioned in the past, ie:
1) buy it upfront or
2) lease it for the field life based on tenure slabs, ie 2 x 5 yrs plus 5x1year extensions etc,
3) rent it for say 1-2 yrs & then buy it out (e.g, done by Apache at Ningaloo Vision at Coniston-Novara) or
4) buy it now then sell the FPSO & then lease it (happening on some big projects elsewhere on the globe)

Either way, the JV will look at these various options (as Depreciation comes into play here). Hope this helps.