Here is my two cents worth
1, FAR are able to PE.
2, Once FAR has bt the 35% plus original 15% = 50%.
3, FAR (50%) and Petrosen (10%) declare commercail field. FAR takes over operator ship.
For such a scenario to occur means that the sugar daddy money options must have a clear funding pathway to first oil
And first oil will not be 2022.
I could have first oil be end 2018. Rent an existing FPSO and drill 5 wells into the sweet blocky sands in the centre of the field.
Assume 5 wells cost USD 125 million flowing 40,000 bopd at USD 50 = USD 2.0 million a day. Running cost USD 0.5 million.
Simple profit USD 1.5 million.
Dam that could support how much further borrowing to drill the next five wells?
Here is my two cents worth 1, FAR are able to PE. 2, Once FAR...
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