sojourner
You are toooo critical ... this is a great outcome because:
1) We get to produce oil
2) We dont forfeit our interest in Sangomar because we cant meet cash calls
3) We can explore in the Gambia and appraise FAN or SNE North
4) Although the interest rate is high it should be noted that there is a 4 year repayment holiday!! Sure that will increase what is due after those 4 years BUT that means that FAR has more of the funds raised in the placement and SPP for doing 3) above, so no more CR until those wells are drilled IMHO.
H
Ann: Financing Update, page-315
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