Fair analysis Mandurah, I think we should also keep in mind that...

Fair analysis Mandurah,
I think we should also keep in mind that the cost overrun for FAN 1, which was drilled up until Oct last year (from memory) only became payable this quarter (some 6 months after Cost overrun incurred). On that basis my assumption is that any early CR (which going on the financial reports always suggested to me that there would be a need for an early CR to cover for other contingencies, other than the probability of cost overrun), will be of a size to cover for the appraisal program (3 wells and admin, farmin costs by way of seismic etc) and then, once good results achieved to really fill up the coffers and, if need be, also to raise additional capital for any cost overrun that might have been incurred. This to be done at a much higher SP on the back of good result.

So in summary, while FAR would want to be seen to be well funded when sitting around the table with JVs, I don't think they would raise unnecessary capital (e.g to cover cost overrun at this stage when there will be ample time to do it in a less dilutive environment.