ducc, forgot to say - this has nothing to do with the bond...

ducc, forgot to say - this has nothing to do with the bond facility, its a totally separate issue and a very positive one.

Every farmout has dilutionary effects in terms of the exposure to the package but its near impossible for any junior to get away without it. CTP have managed to get brilliant farmout deals to date so I wouldnt expect any less than what we have seen.

That said, this isnt a SP dilution as such via issue of more capital which is detrimental. Keep in mind it is possible that central may not have to fund anything at all if the results are that good. The farminee could potentially fund the full campaign for a 20% production interest leaving central free carried for the campaign.