I have no problem with your outcome Zacma. I am convinced now more than ever having heard comments from GR and RN from the Ip's (as also reported by other HC posters) that if you got to the heart of it, both of these guys incl CN would take the money if its there. Its not! I am not being critical but as a minimum a few massive milestones need to be achieved to give us a chance. It aint a formality for what we regard as the two of the best in the business. Believe me that the SP would be higher if we had funds via another CI, raising or otherwise. Its the key milestone. Paraphrasing the chairman......" We are seen as financially weak". Not one party in the JV or externally has questioned the quality of discovery or the fact that it is likely to be commercial. So from a pure business perspective and only relative to FAR, the money is the key milestone for now. Sure the appraisals could fail and that's our business, but I don't think people will be all over us wanting to give us a bucketload of money at a premium. They will know we are financially weak and that speaks volumes in anyones business language.
I took the punt, I can see in the future if there is any hold up or cost overruns people blowing up on funding of the development, not in the least about the Senegal potential, 2C's etc. The Chairman has warned us!
Without the warning, I would be more than happy with my investment for the raising of funds at a discount now knowing we are strong enough to withstand any issues. As CN says there is strong debate on where to drill first. Would you honestly think that CNE and COP have our interest at heart? They may want the long way around simply because they have the funds to cause stress to someone like FAR and do it legitamtely.
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