Rising like a Phoenix, page-32

I wish.

What I meant by no more funding was that per the announcement May 1st where 3 options where given (refinancing with MOB, full or partial sale of FB, alternative financing with another lender) and the followup of 2 weeks ago where the current facility was extended to Oct, 2018 but remains at $20M for BB and $4M as the term loan. In other words NO MORE FUNDING, and given SSN sold an asset for $1.2M that was repaid to the facility but available for redraw shows how fully drawn that facility would have been.

To me that means MOB not willing to offer a larger facility and SSN not able to find an alternative funder will to take on the credit risk of continuing FB development. Whether there is a cash crisis or not remains to be see .... they certainly don't have much liquidity available ... audited accounts from June 30 will tell us much more.

For the long term holder I sincerely hope you are right. For a short termer such as I, any spike up an a favorable transaction will see me out of the stock. TB might have a knack for doing a good deal but SSN history as an operator is shall we say "poor". A flashy salesman doesn't need a $400K salary either. Low base and high incentive for results gets best performance.

Still say if you are sitting on IRR's of 2,800% and 300% with payout in 2 months, why trade that for cash and spend it on the only other project they have with 25% IRR and $9.5M Capex per well with pay of 2 years????