Checkerboard DSU strategy allows capital to be raised on increasingly competitive terms with TBN/DW optimising carry where farmed out. But cashflow / debt could finance a large chunk of capex if the flow rates are at the upper bound.
If TBN can get to A$10bn market cap (< half a Santos) without heavy dilution, job done for me. Meanwhile, $1bn cap is a reasonable expectation for 2025.
Very keen on keeping it real. I’ve a fair bit of skin in this game and ready to add but need to hold back as it’s a long game.
The next 2 wells are make or break to prove large scale commerciality - continuity, scale and pressure. Odds on for a good result but no guarantees. And we still need a big pipeline and a lot of infrastructure.
Directors of TBN don’t call the shots. Texans hold all the cards - blocking stake, JOA control, equipment contractors, the lot. Texans ain’t sellin.
TBN Price at posting:
17.0¢ Sentiment: Buy Disclosure: Held
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