We don't need cash at the moment and the most likely time for...

We don't need cash at the moment and the most likely time for any CR to happen is tied in with the finance package, and would most likely involve a cornerstone investor IMO, will also likely come with a consolidation.

Going forward FAR have four main options , reduce WI , take on debt , raise cash or a combination of all three, they are all dilutionary in some form, you can't have it all when you have no cash, but IMO maximum WI would have the best long term outcome , its their only commercial project and will produce a lot of income over many years. Debt can be paid off so funding would logically be heavily skewed in that direction.

Raising equity for the whole project is simply not going to happen, raising debt for the whole project is unlikely either although not impossible IMO , there would be some trade offs related to future income.

It's going to boil down on how that debt is structured and whether FAR only need to fund themselves for admin etc over the time leading to first oil or more, and can only be known when they finalise JV funding IMO...

Cheers Whisky