If you get to the stage of "binding" senior debt finance....it is because oil was worth something.
The oil price has recovered.
So the the oil in place asset has also recovered it's value ....which can be loaned against!
ie. The project is profitable.....at low oil prices.
They should be able to obtain finance once again and the due diligence is already done.
Ann: Lukoil Proposal Not Proceeding, page-157
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