In a JV scenario, if a SPV is setup to carry out the drilling it would be in BRK's interest to have the SPV borrow money to fund the project. That's totally different to BRK borrowing on its balance sheet. That would maximise our capital in terms of equity interest. Probably the partner with the deeper pocket would insist on equity match before debt as they also won't want to be diluted. Unfortunately time is of the essence for BRK holders and trust DP will take whatever the highest and best offers are.
Ann: Quarterly Activities Report and Appendix 5B - September 2023, page-79
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