Ann: Petsec Announces Extension of US$15 million CN Facility, page-2

I think this is a definite plus for shareholders even though the interest rate has increased by 20% to 15% pa compounding monthly.
Seems like Tranche 2 can be used for any corporate operating expense although it doesn't spell that out completely - maybe Hummer #3 will be drilled back-to-back after #2 is completed which would make some sense. The convertible noteholder must think his $15mil is covered by the Hummer value.
Seems like it might put off the necessity for a capital raising for the time being with TF wanting to wait for the Yemen go-ahead announcement and a decent share price rise before issuing more shares to fund operations there.