I dont have a problem with a cap raise or placement provided it...

I dont have a problem with a cap raise or placement provided it is for as minimal amount as possible (less than 50%) of the funds needed and it is timed to be beneficial for current holders (ie at decently higher prices than today)

As I mentioned earlier the cheapet form of debt we are going to have access to is through the JV financing arrangment (leveraging some of WPL's and to a lesser extent CNE's borrowing power and reducing credit risk amongst the JV partners etc.

Anything else is going to be a decent step up in cost for FAR, the world bank generally (only?) lend to countries so it is unlikely the World bank will help a private company same as the Senegal government, cant see them lending to FAR given they are not flush with cash.

CNOOC/China are possibly the next cheapest option for debt or some other form of finance.

Will be interesting to see how the balance ends up being funded, they will (should) set up more debt than needed and draw down the cheapest available form of debt as required.