bazzard timing, page-4

""Still can't understand how STU are going to stump up the money for this. Damn expensive drill...""

Agree, $25mil is a huge committment/risk for a junior oiler.

I have asked Tino (STU MD) about this and it will be funded from current and future cashflow coming out of Cooper Basin.
STU have a debt facility secured by proven CB reserves.
In other words, they'll make up the shortfall by borrowing money.

Then there's the refinery project, $45mil for stage one.
Imagine STU will have to hit the market and/or banks for that as well.

Thats why I prefer MOG for Bazzard. Better leverage and free carried.