About net debt to PDP LVR of 82% and net debt to equity 311%...

About net debt to PDP LVR of 82% and net debt to equity 311% June 22', its a pretty high risk play. But extending out the debt out a few years with very loose LVR covenants, and limiting the dillution to just 10% seems like a decent outcome.

I'm guessing you wouldn't want to own this in another recession given the eye watering debt levels (lets remind ourselves CCP has no debt and usually runs LVRs around 30% to 40% at most).

A nasty revaluation of PDPs in a recession could wipe out a chunk of the equity slice remaining. Having said that this latest crisis was survived well due to gov intervention, who knows how the next one plays out.

Does this thing need another equity raise down the line to become investable? Or is this going to slowly delever over many years?

I think the fair value vs amortised saga was a massive own goal, but credit to PNC for somewhat digging itself (so far) out of a hole it dug itself.