@darwineurope
AJL will want out on reserve certification - most of the value will be extracted by that point. Thats the name of the game. No way is AJL able to help fund full scale production (tens of rigs, hundreds of wells). Cuad may well IPO/raise debt to help fund production but they will need to farm out another chunk to centrica for their carry too i would've thought in the first instance. then once the first say 5-10 well pads are producing it does become self-financing to an extent.
sale of 25% interest in bowland prospect, page-30
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