further news, page-49

Jess, I won't presume to answer for SL but I'd simply make the following observation. All previous CRs were undertaken without benefit from so called 'bankable reserves'. They were ad hoc, and reflected the poor state of the register in so far as there was so little value in the stock to generate meaningful cash, without turning the stock into junk scrip.

The debt package supposedly being sought represents (depending what day you do the calcs) the lions share of the company's market cap. A CR now, even with recent gains would still not generate sufficient cash to make a material difference. It may also jeopardise the debt case bonafides.

The company repeatedly bangs on about the debt deal being almost over the line, at least thats how I read it. Original timelines had it in by third quarter, and that's got a month to run.

Another point worth considering is that the reserves upgrade would have been essential reading for any RBL financier, and I dont think there's a conincidence in its timing. I've made a habit of missing the ball with these things so I stress this is just an observational gut feeling. Just doesn't fit with stated near term goals, and the company's recently stated 'fully funded' status.

Perhaps recent gains have brought out the sceptics amongst us. I hope I'm right, but either way, for what its worth, my investment view is progressivley more robust with each passing week.