Ann: Debt Refinancing and Drilling Program Update, page-9

Right with you Michael - the fact that they have term sheets in front of them is fantastic in itself.

Boysy - Seaport have given them access to lenders that may have been unavailable otherwise. It's like bringing on a mortgage broker for a property - yes, chances are you could find something solid yourself - but can the broker get you a better deal through their connections? The big item for me is production - $5.4m net in two months, versus $6.5m for three months in the last quarterly. That's your production update - it's not too hard to do the maths on it given the apparent stability of SM71 production and plateauing SM58 oil production.

All looking good at this stage. Options = power.