Correct, for 100%. Likely would need to give 50-80% away to be fully funded plus back costs. But that's a not insignificant chance at $200-500m NPV with nothing further down.
Under current timeline 1st appraisal well needs to be drilled by Dec 2025, so the 'aim of entering into an agreement by November 2024' is genuine IMO
Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-27
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