Funding Model

Well, we know the CR earlier in the year was heavily oversubscribed and there are some substantial holders from Indonesia.
It would be unlikely in my opinion that we'll see a CR for the $13mill USD, so it will be some other construct. Given it is in production with what looks to be significant proven but undeveloped reserves, a portion of debt may be on the cards but doubtful that we'd want or get it all as debt.

If we go back to Cosimo;s preso from May outlining the Strategy, the financial component was outlined as per below:

Asset price Phase 1 US$2-4m in equity, prefer no debt
Drilling and completion costs of sub $1m/well (~4,000ft)
Oil price leverage: project is drill ready and economic at prevailing oil prices
Increase operating margins; Scope for cost reduction and other efficiencies
Ability to leverage debt to scale production

He says here prefer's no debt, however obviously this deal was much bigger than he anticipated for phase 1, however all the other items in the list this deal seems to tick from what we know.

So it comes back to the question, how will it be funded?, obviously there is money available out of Asia, how does Cosimo construct the funding package without crushing current shareholders without dilution.

Am interested in all views.