Beetaloo or bust: the route to commercial success for an Australian shale play, page-97

Yep that’s how it’s set up. GP has carried interest to reward staff, tax effective etc. That’s the best way to structure it. Overall, it doesn’t matter a great deal whether this is 100% Sheffield’s own money as LP or a lesser amount. I reckon it is 100% which means greater personal commitment from him. And I reckon there is probably no medium term exit requirement.

This vehicle matches TBN $ for $. If doing their job properly, TBN would have looked for evidence of funding commitment/capability in striking the original deal.

Main takeaway is that about A$250m is now committed to making this happen. Jaw-droppingly positive, I’d say.