Good point, Mike re: no change in net debt. I think it has...

Good point, Mike re: no change in net debt.

I think it has something to do with the inclusion of $ from the BNP Paribas facility as "cash on hand", and this has been reduced due to the fall of the oil price.

I did find the reduction of net debt from $58M to $32M from Q1 to Q2 a bit steep, now it looks more realistic to have a $26M reduction for 2 quarters (Q1 to Q3). I am more interested in the outstanding debt and good to see it is now at $43M. At this rate Tap should be debt free mid 2016.

I also read in between the lines that they may stick with BNP Paribas due to improved forecast cashflow? I did not quite understand in the first place why they need to refinance if they have almost halved their debt in 3 quarters and are in line to fully pay it by 3rd quarter next year.