News: CVN Carnarvon Energy Will Issue 234.8 Million New Shares At A$0.30 Per Share, page-59

I am NOT sure STO have offered JV funding - I believed WPL did it to smooth things with the Senegalese Gov - that's why when it broke down (JV funding proposal), they did a separate agreement with the Gov.

Our situation is different - there is no Gov equity holding.

And STO is under no obligation to carry our risks. That's why I mentioned previously on FAR forum, it was very foolish in pursuing WPL (they were willing to carry enormous amount of risks), and why I sold out of FAR, a lot earlier.

But CVN situation is different. We are in shallow water - and as long as we stay within Dorado, Pavo and Apus (if successful), we can use a Jackup rig, which is a lot cheaper. We are close to infrastructures. And our oil are Sweet Crude, which should fetch a higher premium.

For those reasons, I don't believe we will have problems in securing 60% finance.

And once we have sold half of our Dorado permit, we should have enough funds (development and operating costs for Phase 1) to reach first oil in 2026.