So $311M x 80% interest % 40% equity = $100M equity needed to be...

So $311M x 80% interest % 40% equity = $100M equity needed to be raised vs current market cap of $60M. Plus contingency, minus whatever cost reductions they get.

Then the debt on top of that. This project cannot go ahead with 80% COK share, they will need to sell down.

Should never have got to this stage, poor judgement IMO by management in blowing so much cash on exploration in Surat and not getting rid of non-core assets when prices were good.