In previous announcement they said SBE owes A$17.8 milliin to...

In previous announcement they said SBE owes A$17.8 milliin to WBE representing 85% of creditors. CAD is a bit stronger than AUD so the amount owed is roughly C$17.3 million. For the sake of simplicity let's say:

- WBE = C$17 million (85%)
- Other creditors = C$3 million (15%)

Sale of Wizard oil field:
- IBE (WBE debt forfeited) = C$1,664,000 (82%)
- IBE (WBE cash portion) = C$336,000 (17%)

Haircut after proceeds from sale:
- WBE = C$15.3 million
- Other creditors = C$2.7 million

If nobody has a superior offer for the oil field (greater than C$2 million), then IBE (WBE subsidiary) will own the whole field.

My understanding is that after all proceeds from sale are distributed, SBE will get liquidated, I guess that would be the only way for WBE to write off the loan and claim the C$15.3 million as a tax loss, not sure.

If someone bids 1 dollar more and WBE does not counterbids then WBE will receive C$1664,000 + 1. If this becomes the outcome: Congratulations to TSV/WBE Management, Chairman and Directors, you invested C$17 million in Alberta but will get back C$1.6 million. Please do add this achievement in your Linkedin profiles. All shareholders should be proud of you.