15 December 2008: "Otto’s share of the original debt facility across the field was US$20.42m (comprising a recourse and non-recourse component). Otto has contributed US$6.91m to repayments against the facility with its share of the current amount owing being US$13.51m."
"GPC has agreed with the banks to a “cash sweep” priority repayment program for the non-recourse portion of the debt facility (Otto share US$10.4m). All available GPC revenues after deducting operating costs are therefore currently being applied to the repayment of this debt facility. Cash dividend payments to Otto will be delayed until the GPC debt has been repaid, which is expected to be sometime in the late second/early third quarter of 2009, depending on oil price and production rates. The banks have retained the right to accelerate the repayment of the non-recourse debt."
Salty, correct me if I'm wrong, but I'm sure you've been wrong before...especially when I look at KIK...your supposed forte!
OEL Price at posting:
9.3¢ Sentiment: LT Buy Disclosure: Held
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