Not suggesting a CR at any time before drill commences - It had always been the case that FAR is pretty much covered for the first 2 appraisal wells. If results are good, they would want to do cap raise on back of good results. A CR will happen after the 1st or second appraisal well from my understanding of the report. I cannot see that FAR will wait till after 2 appraisal, particularly where 1st appraisal comes in with good figures.
My understanding is also that the Bell Potters usually deduct their fees/costs from the proceeds of the CR (Could be wrong on this one). So in that regard I can't see that the additional spend is for anticipated, future CR. Getting back to the "logic", the most probably I would think, is the seismic costs (and maybe, hopefully, a bit for extra acreage through JV). As I say, all speculation. Time will tell.
Cheers
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