That's correct Rossco. A lender would look at cost recovery (75%...

That's correct Rossco. A lender would look at cost recovery (75% here capped per year) in this case for the JV. The net cashflw modelled for the first 3yrs based on accelerated depreciation is USD180-190mil net to FAR (for 60-65/bbl oilprice).

What FAR needs to do in subsequent presentations is add a slide highlighting the modeled production curve & revenue stream from Sangomar. The later will be in the negative axis due to capital outlay until 2022 & then it will break above the X-axis from 2023 when actual revenue/cashflow begins for say 70k bopd in yr1, 90k 100k bopd in yr 2, 3 etc. That in my view will deliver the full & final message clearly to shareholders & Insto's for Ph-1. Right now that's the missing piece.