Annual Report - Debt update

The Chairman's Report has the following update on Debt:
"Your company has decided to finance this expenditure with debt and is hopeful that an
announcement can be made soon. Two years ago it would have been difficult to imagine that Austin could
support debt. What a distance we have travelled. The balance of the cash flows from a successful debt deal
would be dedicated to the development of the Company’s Niobrara assets."

This is dated Monday of this week, so is hot off the press and has been audited on that day. In auditing the statement "hopeful that an announcement can be made soon", the Auditors would look for evidence to support that statement and so an agreement must be at an advanced stage, to justify using that terminology.


IMHO the debt facility has been substantially agreed & is being finalised. It is just a matter of timing.