Wgo new research - price target 70c, page-124

The latest Quarterly Report implies the Phase 1 development will be debt funded (or at the very least, substantially debt funded).

”Warrego is in advanced discussions with a number of domestic and international banks to secure a project finance facility of up to $75 million to fund its 50% share of the Phase 1 development of the West Erregulla field. It is expected that a banking “club” will be formed by the end of May 2021.”