Ann: Pryme Closes US$100m Non-Recourse Debt Facil, page-5

re: Ann: Pryme Closes US$100m Non-Recourse De... Quite disappointed in the price action to date on this ann.

Pryme will assign to Macquarie Bank a Net Profits Interest (NPI) equal to 25% of Pryme’s Working Interest in Turner Bayou. The NPI will be burdened by proportionate production and capital costs and commences on the earlier of Maturity of the Term Facility (48 months) or loan repayment.

One may think that this is an overly onerous condition, however as I have previously demonstrated this is more than covered by the premium louisiana oil receives over WTI.