Agreed Boz. Once we get this hurdle out of the way, they can...

Agreed Boz.

Once we get this hurdle out of the way, they can start to focus on driving the project forward.

Would be good to get a development update soon after, and get to FID pretty quickly. They know what the gas reserves are (they are using a low ball number to start with - low risk - take note Jeff Schrull), they have a monetisation route, though they may need a gas sales agreement prior to getting to FID and booking P2 reserves. Oh and also the very important financing, providing the market details of an RBL would be fantastic and I know that Rob Shepherd has already mentioned this as a likely funding solution.

At least we should start seeing some momentum following this. I then expect them to enter the next period on Accra, we should know by the commitment date if Afren / ENI will be drilling a well in the next door block, being as they need to drill a well by May 2014.

The main key here is getting the new PSC signed, getting the new EEA and then getting Gazelle up and running asap. Once they have this (and all the relevant infrastructure) that's when the real value will start to be created as Gazelle is only a short term production field, probably between 1.5 years and 3 years in total, but the key to it is that this is where the bulk of the infrastructure expenditure is coming from, so Hippo etc tie back should be very high margin and lower on the capital costs due to the infrastructure being in place.

Once production is coming, other financing opportunities come into play, so the lower the number of shares issued over the next year or so the better, as I think after that it should be minimal.

I still think that with the value of the Vitol farm in etc, that this should be priced close to $100m and therefore closer to 10c, but I think real value could be driven on top.

Starting to get a bit more optimism back about RIA now. Issues starting to be sorted and we can now look back at the assets again!!