The current available drawdown amount of $15.5mil has already been fully drawndown with the final amount of $4.5mil received last month as per the 10Q lodged this week.
They would have to prove more reserves are held and then these reserves would be priced at current oil prices in order to access any more of the $25mil facility. This will not be an easy task.
Market still hasn't been told how exactly they intend to finance operating and development expenditure in January/February.
There are not too many alternatives here beyond an equity issue.
SSN Price at posting:
1.6¢ Sentiment: Hold Disclosure: Held
