here's some very interesting info, page-89

My view on why the banks are still in it:

They dont see the resource pitential as giving them their money...they have not extended MAEs deadline for repayments this last time round due to the in-ground resource nor its potential to become a realised market asset...

I believe that they are now invested in MAEs bank-loan.
And that they beleive that at the very least, the interest MAE are paying is coming from being funded by shareholders, not gas sales.
And it is therefore within logical grounds to imply that the banks are invested in mamanegements/Directors ability to drum up finance from Share Placements only.
The logic is that so far, despite MAEs history of no gas sales (relatively none anyway) the company still gets money from sophisticated investors.
The money you and jim give to the company - in light of promises and projections - will pay the banks their interest money.
If or when that runs out, then a fire sale will come.
Until then, they are investing in managements 'talent' to get investors to pay interest.

Its an interest play for now, until such time as the money coming in begins to come from gas sales, it will always be at best an interest play and not a gas play.
The banks wrote that idea off long ago IMO and the simply need the talented writer for now, which is why he is the only one left to captain the ship - JC...well, him and an historically successful gas diviner - JS.
JS' presence is needed to give creedence to the talented writers promises...if that gets investors in, then interest is payed.
Banks will keep the leash loose in that case, until the talent and investors run dry, or until Jay Stratton walks winded by the fight.

Cheers

L