Ann: Terms agreed for $153m Development Funding Package, page-141

It’s frustrating that no-one reads my posts properly. I said the $60m was a refinancing of existing facilities. It is. I did not say it had been drawn down. How much do you imagine half a processing plant in WE with gas gathering is going to cost? I would say above $400m. 50% of that is $200m. Senior reserves based debt will require gas sales agreements to be in place and financially viable, a significant cash float plus a 3 month sweep arrangement plus some skin in the game. If they got 60% then they would need cash of $80m to fund their share. My eyebrows remain quizzically raised…..