credibility?, page-3

Ask yourself what the SP might be if LNC has to repay the $200-250M in order to retain the US Oil assets.

MBN lost 1 of 2 customers last week. SP was 6c, now 1.2c. Aus legal counsel has advised that the client loss is a default on MBNs $50M debt facility, which in turn triggers a default event on MBNs $400M bonds. Cash is about $90M. Producing at a loss.

Mr Bond secured a low interest rate. What covenants were entered into to achieve this? Do you think Peter believes his own spin? LNC was charging towards 8000 to 9000 BOPD.

June quarter prodn 4605bopd. Now we're told CP1 has had mechanical problems. No word on CP 3&4. Expected decline on existing wells.

IMO Sept13 average prodn will be lucky to have a 4 in front.

Bond holders will NOT be happy.