Ann: Operations Update - Project Icewine, page-216

Thats a good thing to consider and you make valid points we do need to raise more capital.
As for the loan repayments due I would assume they would do what most of the oilers do and borrow from another source to pay the original sum extending the time frame we have to pay it back.
Assuming that is the case we then have both wells next year paid off as well as the extra cash from options being converted and the ability to sell off the alpha at the prices you mentioned without having to resort to a jv or a cap raise until after those wells are drilled.
All dependent on ice 2 delivering of course