Ann: SM69 E2 Well Commencement, page-109

Where to start BO:

-Debt repayments they needed a friendly counter party to prepay them to meet the current bills without this prepayment they would not of had sufficient cash to meet their outgoings.

- They have not paid for the current drill they are still drilling can we agree on that one. It has likely already gone well over the 23 day drilling timeframe they initially proposed, i suggest this will likely lead to material cost overruns. Hard to determine the cost of the well as the company have not provide any indication of cost but the rig alone would be costing a few hundred k a day to hire ....

Its starting to sound a lot like pre G#2 drill on this forum. As others have noted should get an outcome in the days/weeks ahead .... if no commercial outcome this drill will have likely eaten up the next 6 months free cashflow from the company its worth noting.