Ann: Debt Refinancing and Drilling Program Update, page-114

big call dumbo the drill they can afford is a low impact well so can’t imagine this will generate interest. The true cash position in a few months time will will explain what they can or can’t afford going forward.

if they don’t manage to get finance this will drop further, it would suggest potential funders have real issues with the SM58 field - the performance of G1 and G2 could point to the field being far less of a discovery than previously thought. I expect reserves could take a large hit later on this year, at that point the SP will look very very expensive compared to its peers.

Four sub par wells in a row don’t point to huge confidence in BYE interpretation of the data of late.