re: Ann: Beach Secures $150 Million Financing... Good point DB, I was reading a recent Morgan Stanley report on Australian shale gas. Apart from recommending Beach as one of the best shale gas plays in Australia (but we knew that anyway), it also said that there was a scarcity of drilling rigs capable of doing the horizontal drilling and fraccing of shale.
When Geodynamics had problems getting a drill rig big enough for their purposes they ended up getting one built in the US and shipped out. Beach may be thinking along the same lines. They need to book a resource first though I would have thought. Unless they are feeling pretty confident about the results so far.
The report is comprehensive and available on the Baraka Energy (BKP) Web site for those interested.
http://www.barakaenergy.com.au/reports.php
Ann: Beach Secures $150 Million Financing Facilit, page-5
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