Re finance, I suspect the adjoining blocks would simply add weight to their existing project making their NPV’s more robust and therefore easier to finance. As it is, they are fully financed with a back stop from RR, once FID is triggered. But I really like the idea of moving capex into the opex column since it (partially) does away with the need for capital allowances.
As far as we can tell, RR are in for the long haul in the Southern North Sea, given their commitment to Anning/Somerville, but also because they are bidding for Shell’s assets.
But Crucially, these new adjoining blocks are 100% owned by HHR, which must give them optionality to pursue other JV partners if they wanted.
Ann: Trading Halt, page-20
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