Ann: AGM Presentation , page-3

The funding through the remainder of the year has been well clarified - approximately 20m available to exploration and cash balance (Baragatan, and maybe Galoc north)
The debt facility is currently drawn to 9m with expectation of drawing a further 16m ie not planning to draw the full facility - presumably the remaining 5m or so covers contingency on phase 2.

SC58 farm-in interest appears to have been derailed by "geopolitical tensions" - presumably brought in to focus by the Senkaku dispute.
http://www.defensenews.com/article/20130504/DEFREG03/305040006/China-Japan-Island-Dispute-Could-Become-Flashpoint
I suspect the likelihood of direct Chinese intervention would be very remote, however it is likely that some of the potential farm-inees would not want to cause offence in Beijing.

West Linapacan timing looks good. Reserves statement 2013 H1 and FID 2013 H2 - that will be a big step forward with first oil expected before the end of next year.

SC54A likely to go, but with lame duck partners how much will it fetch? A bit sad to reflect on the effort and investment that has gone in for no return - two discoveries under NDOs watch and a botched development. So much for the string of pearls...

More surprising was the comment that 54B is "under review" whatever we are meant to take from that.

Blokings comments were interesting. The thrust now appears to be directed towards positive cash flow from producing assets rather than chasing blue sky returns from big exploration targets. To which I could say we have only drilled one big target and that was fully funded by others... There has to be room for both approaches in their strategy.

Overall, if we can let go of the emotion around the board, there is a reasonable cashflow with exploration upside story emerging here.