Pretty clear that this longer term Notes issuance is part of their "50 for 10" strategy to fund their next acquisition or expansion from within the existing Bauna / Neon/ Brazil / GOM Who Dat assets.
Page 159, "Our Stengths"
We are a diversified independent oil and gas production and exploration company that is strategically focused on growth in the United States of America and Brazil. Our strategy, which we call “50 for 10”, involves us growing our scale to achieve a minimum production of 50,000 boepd which we aim to sustain for no less than a 10 year period. We believe that our high quality assets, technical expertise, experienced board and management, and strong financial position with a robust balance sheet and strong free cash flow will support us in achieving our strategy, and our objective to grow our production and reserves.
Pretty clear that this longer term Notes issuance is part of...
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