RE:RE:RE:RE:RE:RE:Financing options I think CGX can farm out 15% of each license for a two well exploration carry on each license (IMHO). Frontera alluded to the likelihood of multiple (more than one) JV opportunities on their last two earnings calls.
Remember also that as part of farm-down with Frontera - CGX is carried for 8.5% gross for first two exploration wells on each license.
By farming down a small portion of each license for the exploration carry - Frontera / CGX is able to capture upside potential in the event of success. In turn, farm-out more interest in better terms.
But, then again - we are in an area that has already been de-risked by several world class oil discoveries only miles from our licenses.
The other possibility is if a major wants to buy-in and willing to pay a premium to operate.
Of course, a buy-out, is also a possibility - for the right price....