So I was wrong. CBA have extended. Sort of. The repayment schedule looks like the result of a conversation that went along the lines of “if we repay the whole amount now you are putting the company at risk, give us time to raise money”.
Nothing changes though as far as shareholders are concerned in the short term. They need $11m+ for WE. Has the well cost estimate been put out anywhere? If well is 15 then they they need 13, JV partners kicks in 2 (first 11 STK, then 50-50 split?). This money needs to be in the bank before well spud for the comfort of suppliers at least let alone the views of the independent directors.
Qtrly cash flow report will be interesting.
Ann: CBA Facility Extension, page-8
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