I get CEO's message that Tom would have conferred with Eric, but I reckon it is not as good a deal as Eric has done before with a series of majors. Must be a tough market, but I would have thought another major was possible as Australia badly needs domestic oil & gas onshore, particularly in the north. And there is th opportunity here to supply a local market by doing some downstream processing.
Eric always tried to keep about $30m in kitty, whereas there is only about $10m now.
With no cash flow, due to misstep with Ungani, another fund raising has to be likely.
Ann: Farm-out of High Impact Rafael Shallow Exploration Well, page-12
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