Just out of curiosity, why wouldn't they be looking at something similar to the smaller leased development concept which was proposed at Buffalo(shallow waters)for Pavo nth & sth, This could be delivered quickly, say 2yrs, with less capex as an initial phase1, then follow up with the main phase2 Dorado (and hopefully others). The capex and cash flow would probably suit both partners at this stage without selldown dilution and potential upside on other drills.
Just a thought..
Ann: Dorado Project Update, page-120
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