Ann: Euroz Hartleys Rottnest Conference, page-228

KM, you have to bear in mind that the process to refincne has been ongoing for at least 1 year now, that's an indicator that things are not smooth.

What are the potential problems?

Potential Problem #1 - W7 and W8. I have believed from day 1 that these wells were drilled at the behest of Macquarie. Is there an issue with the results?
Potential Problem #2 - Is the delay in WE FID having a buttefly effect on the refinance? If the Walyering cashflow doesn't tick the Macquarie critieria, has this resulted in a delay to the refinance?
These are purely hypothetical.

Is the Maquarie refinance "fine"? No, no finance deal is fine until it is drawndown.
Did the credit approval have "conditions" which are yet to be met?
Was there a "material event"? An example of a material event is the Walyering 2P/2C writedown after W7.

If it goes ahead on or about 31/3/25 as forecast, there is nothing to worry about.

Until then, the drawdown is 100% at the discretion of Macquarie, credit approval can be withdrawn anytime until then.

Repercussions?

Per the last quarterly, cash held = $33M. Debt owed to Macquarie is $43M.

That debt is either overdue, or due and payable by 30/6/25. If STX were to default, then Macquarie has the right to foreclose on the loan security which I suspect is Walyering and SE permits.