BRU just raised funds and it was, let us say, an underwhelming spectacle. I don’t believe BRU stand a hope in hell of raising more funds to fund their half share of the next 3 years, let alone to go it alone. If ORG wanted no further part of Rafa because they didn’t need $$bs additional revenue for a few years effort, the market certainly won’t.
I don’t know how long these negotiations will take, whether Eric wants to finalise them before TN starts as CEO or whether ORG won’t sign up on the final package until he does … but I believe when all is said and done, Eric’s last hurrah before he moves upstairs and leaves the day to day to TN is he will leave BRU fully free funded to Rafa production by way of an improved ORG farm-in package, whereby they assume operatorship, increase their stake to say 75% like MIN and possibly add in Yulleroo and/or an interest in the integrated energy business as a founding partner pre-float.
I’m only 101% certain this is how it will turn out.
