follow up volume, page-71

Hi Oz,
my take on the cash held in accounts with Standard Bank is that 15.9m AUD and 21m USD undrawn facility covers the remaining balance on GalocII (approx 33.2m if my maths is correct). I'm picking that Standard Bank wanted to ensure that the full funding plus contingency was kept where they could see it - no running back to Standard Bank part way through the development crying poor...

I'm picking that even if NDO don't need to, they will draw down the facility in its entirety for development of Galoc II(secured as it is against Galoc reserves and presumably not available to other purposes). End result a better cash in hand position, leading to a smaller debt requirement for the next development, and thus to a better deal...