Ann: Petsec Energy March 2018 Quarter Activities Report, page-2

Unrestricted cash down to $2mil, debt $6mil that might get replaced by 80mil shares.
Gross cash grew by $400k even though EBIDAX was negative by $700k so Creditors must have increased substantially, although we know TF is taking a large part of his salary in shares. And they'll be doing more appraisal & development drilling at Hummer in mid-2018 so they'll need more cash for that if they elect to participate. Tranche 2 of their convertible note loan can only be used for Yemen after approvals are given. Maybe only a small placement to 'friends' before approvals received - don't think I'm included.