Ann: Debt Refinancing and Drilling Program Update, page-53

Even if they do not arrange a new loan partner in the short term they have committed to drilling the SM69 E2 well in June/July and the POO is making that almost a lock in.

That well must have a very high COS as they have already built a pipeline to the SM58 platform to process the expected oil / gas .

Another cash producing asset might then be the catalyst to get a suitable loan agreement in place to start the drilling again on the planned more or less continual basis.

The business plan has taken a big knock in the last year but it is still alive.