$32m from the drawdown facility.$7m that we had in the bank...

$32m from the drawdown facility.
$7m that we had in the bank prior to this facility.
$12m or so from converted options (which you must take into account their impact on the bank balance if you're using the fully diluted values).

I'm making that $50m or thereabouts?

I'm not nitpicking, but the difference between a 3 to 1 leverage and a 2.5 to 1 leverage makes quite a bit of difference to final profits if this thing comes good.

I'm a sceptic and more conservative, so I'm happy with RRS. I feel more confident in the overall company and business strategy. Best to have security against some of the downside rather than additional upside, but that's a decision everyone must make for themselves.

And yes, I saw the broker note. I don't pay any attention to them though as brokers get things wrong as often as private investors (i.e. that guy who said RRS would be $7 in 2007, and I can think of countless more brokers who were well off base in their targets).

Just highlighting the mistakes made by these notes- in that 'conservative $1.33 12 month valuation', they've included 80c for the Nugaal onshore Puntland block. As we all know, Nugaal is disputed with Somaliland, and won't be drilled this year- hence AOI amending the agreement to drill 2 Dharoor wells rather than one in each basin.

On the flip side of the coin, they've only used a 1 in 8 CoS for Georgia, when we know the helium survey has derisked the area in terms of the presence of hydrocarbons, making the CoS much better than 1 in 8. All in all, what I'm saying is these things aren't worth the paper they're printed on, and woe betide any investor who reads a broker report then buys a share based off that without doing their own research.