Sentiment suggests that WHL expects to be with TAP Oil this time...

Sentiment suggests that WHL expects to be with TAP Oil this time next year; they "expect to be paying back the loan facility" by March next year with "the proceeds to be received from TAP Oil under the FIRM Seismic Option of the Farm out Agreement".

This is good news, at least they sound confident that they will be proceeding with the farm out agreement. It would be silly shouting about what they intend to spend the cash component on before it is received if they weren't confident it would go ahead....... then again..........

the final paragraph refers to both projects; Labella final analysis underway & Seychelles 3D seismic planning well advanced.
Both references totally vague, but nonetheless accurate. Maybe we will hear something or nothing on both or neither in the next few days!
I guess maybe this announcement may satisfy an update on both before the end of May. Still a chance we could hear early next week that seismic has started in Seychelles, it may well be that Ophir wants this to happen as fast as possible as well. Probably likely that this is all we will hear regarding Labella this month though.
I still have my fingers crossed for announcements shortly though.

It does put them in a good position, especially if they are already looking at their next lease purchase, which has been suggested in previous announcements, and refers to "Corporate and asset growth opportunities" in this announcement. WHL has some decent partners on board now, they are looking half credible. They would have had many more loan options available at better, more "competitive" terms than they would have had when they negotiated with Bergen. Otherwise this would be a wasteful exercise. I am sure this has been done with specific purpose.

They can also pay back early..... say if SP got to over 4c!!

IMO the market should like this news, but I hope it doesn't punish SP for what looks like pointless (necessary) dilution.