Ann: Indonesian Project Update, page-227

Thanks mate - appreciate it. This is a good point - I thought about this before and I think Nick and Cancun being #1 and #2 recognise that the CNs are toxic debt and not good for the sp. I think it's possible that Nick went to Cancun and said that unless they tip in cash, TV2 would require further funding from MEF. It's interesting that Cancun did not tip in cash a year ago when TV2 first went to MEF a year ago, so Cancun must believe the overall risk/reward proposition is better. By my calculations, TV2 currently has about $1.3mil as at the end of March. If we say they should get the $750k US for the head end from PGAS eventually (which should not be an issue for them and is in their control), then they have about 2Qs worth of funding which should see them to the end of September. If Brazil isn't up by then, it's a dead deal. I think even if all goes perfectly to plan they will still need another CR (outside of the acquisition of Slimpack - which I assume they will do with scrip) before being cash flow neutral, but if revenue arrives this should be able to be done on better terms. I might add, as I've said before - even if the CR at a premium was designed to support the sp, it is still a great outcome for holders, especially in comparison to the alternative. I am just theorising that it is possible that perhaps news isn't as imminent as we all expected following the "premium factor".