RE: FinancingThe financing question is valid.
Debt will come for sure... that's always been the plan.
Maybe a small equity raise, but management has got be conscious of not wanting to dilute the stock (and themselves) much further given the imminent cash flow on the horizon.
I think that if any equity is raised, it'll be to "plug a hole" and not anything more than what will carry them to Durango cash flow.
Durango drilling may have cost more that initially planned given the time overruns on drilling, so yes, it may be possible that a small raise could be done.
At the end of the day, and I don't mean to sound flippant, but it doesn't really matter to me if they do an equity raise here to assure that they've got enough cash to hold them over to Durango cash flow, because once Durango is onstream the only time they'll issue more equity is when they've made a discovery somewhere.
The South Trent and Tyne prospects look good, I like South Trent in particular and the two structures there are estimated to hold over 200 Bcf recoverable with BUK having 100%. Even if Bridge farms down to 50%, that would still be 100+ Bcf net to BUK and another easy tie-in to nearby facilities with more than enough capacity to handle the gas.
Management will finance as appropriate... I'm not sweating the small stuff because the bigger picture is so obviously positive for a long term hold.
Just an opinion from a (long) BUK shareholder...