I'm not sure how much we'd need to raise for working capital as...

I'm not sure how much we'd need to raise for working capital as I don't know the precise details of what the work programme to get to 3600bopd is, and even if I did I wouldn't be sure of a breakdown of exactly how much everything would cost. I don't know how long Monitor had expected the $30m in working capital to last- whether it as for the whole work programme not including the Herrera drills, or whether it was for just the increase in flow rates, or just the initial few months work. We'd own the rigs so the lions share of drilling costs (rig hire) would not be a problem, though obviously crew members and employees still need paying. Does the plan to increase production to 3600bopd mean by fraccing the initial wells, drilling additional wells, or a mix of the two? I don't know, but you'd need such information before you could figure out how much initial working capital is needed.

I suspect we wouldn't need as much working capital as Monitor were planning to raise, as Monitor had very little in the bank at the time of the deal (less than $1m) and so would have needed a bit of a safety net in terms of funds- as obviously there's nothing worse than running out of funds to pay the workers in a company. We've got other cashflow coming in as well but likewise we have more commitments that need funding (Monitor only had a minor project that was/is underwater, we've got Georgia+Puntland to think about too).

In either case I'd rather ere on the side of caution and raise a bit more than we need rather than just trying to raise the minimum amount and so having no safety net if the initial efforts to raise production don't work out as expected, or suffer delays.

The 700bopd, expecially at current oil prices, should be enough to develop the Trinidad acerage self sufficiently (this was also Monitor's plan- i.e. use initial production to fund more drilling, which will mean more production which can then be added to the balance sheet and fund more drilling.

I would have thought at least some of these costs to buy the project could be covered with a bank loan. Monitor were attempting to do this and only failed because they were listed on the ASX and not AIM/TSX. Get the loan, which would not be dilutionary at all, just pay off the minimum interest until we've increased the production, then pay off the loan once production figures are higher, and you've got the whole of the project with minimal dilution.

I'd prefer not to speculate of whether we have increased the amount of cash we're allowed from the finance facility, or indeed whether we've negotiated a new one. This drawdown seems to have gone on for a long time compared to the others (though at the time of writing RRL is up 11% on the AIM, so maybe the breaks are now off). I'm sure we shall find out in due course anyway. It's possible- maybe even probable- that we've increased the finance facility, but it's best to wait for comfirmation from the company.