private offering of senior notes (aut), page-4

EKA is not "a single asset company" - it has PdA and Brioche also. With Euroz putting out notes suggesting values of $180,000/acre for 60 acre spacing, not for Sugarloaf, but for the whole of AUT's blended interest, including the less valuable Excelsior and Ipanema acreages, it is most unlikely that AUT could secure EKA at a price that would be value enhancing for AUT shareholders except in the longer term.

And EKA's directors have suggested that Brioche has considerable potential.

It would appear that MRO is invoicing for drilling in arrears - post completion. That would explain why EKA (and EME) have had more time to secure the debt finance. Hilcorp (and TCEI before it) required pre-funding.