This is a good deal under the circumstances. A cash raise at 1 cent would have been even worse.......no-one wants that. This deal will allow the company to focus on Cuba at in particular the Santa Cruz. The rate enhancement work is a golden opportunity in this proven producing field. There's a bunch of 3D seismic available from CUPET and it's how Sherritt established a foothold in Cuba. This will allow Melbana to easily finance any capital works and coupled with Block 9 and Beehive, there is good news on the not too distant horizon, IMHO.
Ann: Loan Facility, page-11
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