i don't think repayment is a problem as they are issued at 80c and are redeemable at that price or shares based on the prevailing share price, but, if i remember correctly, not less than 50c.
fhe converting prefs are subject to avd producing a certain numer of boe and if they are converted it will be great for the company.
i don't think that they could use the revolving credit line to buy back the c/n's, it would be available for asset purchases.
all the above not withstanding they will have to come up wuth something good for the price to recover
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