sterling bank facility

i was reading the quarterly dated 30 june 2011, in the appendix 5b, financing facilities available section, i saw the following;

"This facility is held with Sterling Bank in the US. It bears interest at US Prime plus 1% and is secured against the Group?s oil and gas properties. The facility was renewed in March 2009, revised in August 2010 and expires in March 2012."

The US 40M line of credit expires March 2012, they're paying interest and not using it, so how long can they go on like this?

Back on 27 January 2011, they announced to the ASX, in response to the Price and Volume query, the following

"1.The Company is unaware of any information concerning it, that has not been announced and which, if known, could reasonably explain the recent trading in the Company?s securities. The Company has consistently stated its objectives for a number of months now: disposal of certain assets, significant debt reduction and review of potential new projects. The Company has largely completed its planned asset sales and debt reduction programme, and continues to review a number of energy projects both within North America and elsewhere. Information on proposed acquisitions will be released to the market, as and when appropriate."

We are now 6 September 2011, how many months have passed?

Still nothing on the acquisition front?

It makes me wonder is anything really happening? or is it all over?

DYOR