I suspect if a new partner were to be found that required equity as part of a deal, first port of call would be Lundin and their stake. It’s a drop in the ocean for them as an investment and if they were serious about the opportunity they would have exercised their option. I don’t subscribe the Lundin takeover scenario - in my view they just have other priorities...
Terms with any new partner will be interesting. On one hand they have a blue print that works for PXX but they are not in a strong negotiating position right now.
I suspect we could see a quiet 12 months in terms of field activity as they may need to hold their ground in order to get what they want
Ann: Update on Strategic Partnership, page-17
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