Yes they are assuming funding is in place for this year and...

Yes they are assuming funding is in place for this year and next. So NO capital raising is assumed in 2017 and NO increase in debt, with any capital spending in 2017 financed from cash flow. Not really realistic.

It seems more likely that if we got ODP in late 2016 or 2017 SEH would require new capital and/or debt to expand output more rapidly in 2017, though the SEH share of spending would fall with the entry of the Chinese partners. Raising debt would be cheaper and cash flow would certainly be healthy.

However as I understand it the published accounts may not reflect these earning as SEH would presumably be equity accounting its 49% holding in the operator SGE so the two fields cash flow and spending would not actually appear in the SEH accounts.