Tim,
I've never said that they weren't material, but feel that these could and should be covered with an RBL. They can't have an RBL granted until they have booked reserves, so it all depends on when they reach FID and can book their reserves.
What would really annoy me as a holder (and being told that the takeover is preferred due to no other funding sources), is if the takeover goes ahead and then they get an RBL anyway, add to this if they manage to keep the HE3-ST2 to under $5m, then I will absolutely feel that I've been screwed by Scott Spencer and Bob Cassie, as they can fund this themselves.
As I've mentioned before APY (previously RIA) are planning on getting an RBL for Gazelle which is smaller on a new basis to them than what Aje is to JKA, and they are apparently going for $60m, hence why I don't think this should be a major issue to obtain funding for Aje from an RBL.
We'll wait and see but if the share price doesn't start to rise (TPT's) then the takeover won't see the light of day anyway.
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