The Fyne pool is completely appraised so they do not need to drill any wells just complete them for production.
The key thing is the approval of the Fyne FDP from the UK authorities. Early 2nd qtr has been banded about as a date. Then AEN can go about looking for partners - I suggest they wil enlist a 2 pronged approach.
- they will want to farm-down a portion of their 100% Fyne field. The Farmee will purchase an interest in the field with cash upfront. This will reduce the amount of financing AEN needs to develop the pool ( I suggest 25%). Total cost is $150-200 million (they are staging the development and Im not sure whether that is the total cost and not the cost for the 1st stage...).
- Get a partner for one of their outlying prospects (partner will farm-in, pay a promotion to earn interest and AEN will reduce their cost in the well).
My guess the best sell job would combine the 2 efforts to get one company (or a group). AEN could do it alone as they will have an increased line of credit next year bsed on their Causeway production. The Economics of Fyne are very good so the cash flow would pay off the loan very fast. I doubt they will go that route though as it would make better sense to have a partner.
With the FSPO signed up, Fyne fully appraised and outlying prospects and pools to tie-in to keep the facilities humming, it should be fairly straightforward to get a partner..
Otherwise at 50c, this thing is a steal, so someone could just come in and buy them!