sale of 25% interest in bowland prospect, page-24

sp007,

very well put. Funding risk regarding Cuadrilla stake is off the table.
We have only two potential positive events to expect this year as regards Cuadrilla, which are the BGS numbers and secondly the potential in a confirmation of hitting oil in Balcombe.

I guess after Bowland has been proven with the 'Centrica Program', further development can take place on the basis of the balance sheet of Cuadrilla with debt. Some balance sheet building before an IPO in 3 to 5 years.
It may be that AJL will have to put up fund for the direct interest, or sell another stake. It will be limited, and at least 12 months from now, if necessary at all. The whole Bowland circus can be self financing for a large extend.

There is indeed only competition for cash between the ops and the debt servicing. Don't forget that there are also outstanding warrants that mature, if I'm not mistaken, next year. That provides enough cash to service debt.

If the ops guys create new bleeders that would be very negative. Meantime gradually results of cost cuttings are coming in, so that may help as well.

One of the good things that comes out of the Centrica deal is that it also provides fund for developing the Balcombe drilling.

So all in all, with the exception of any potential operations f ups, this should be the last capital raise, taking into account that some outstanding warrants will also be effectuated into share at a later stage.