proposed equity raising, page-98

Re: I can tell you that Bell Potter was not sprucking this horse before the CR and presented no more info than everyone else at the track could hear.
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There wasn't much to spruik. They might have to do that for the next leg of funding assuming 50% of AUD 450mil for SNE's share is taken care of by Debt. It's the remaining 50% which would require more Roadshows et. al. to attract Soph's or Consortium of Lenders and that is also a test for the Management as SNE moves towards Development Drilling later next year. Post-FID the project should be derisked, but they still need to stump up the cash for their share of costs & the mkt is aware of that leg of the hurdle race.

For now AUD45 + 20m on hand should take care of Capital required for the High-res 3Dseis at SNE in June & GB activity later in the year. I'd expect more on GB in future slideshows (as per the Qtrly-page 2).