Reg I don't think they paid the interest on the CLN debt like the RPN it's paid in kind otherwise it would not have kept growing. The only interest I think we pay is on things like ya debt where we take the loan. Part of the reason I suspect of using contract resource is to keep the fixed costs down and the service providers was suddenly a strategic partner when they could not find any other way I suspect! I don't think the costs overall will be very different in next set if accounts but I hope the revenue and balance sheet to be much better.
A significant amount of money must have been spent on servicing the interest of our debt. We have now (hopefully) reduced over 3Mil off the company running costs with the default. The service providers at least will be getting down and dirty picking up dead birds and squeezing the oil off them (every drop counts). FRR still need to get our BoD paid back and hopefully the overhead shares will cover this - but obviously not at todays SP. Good job we have a great bunch of LTH that have/are still sticking with this despite all of the efforts of some to shake/scare us off but like most I will play this out to the end.
Been offline as got a very close lightning hit that took out my WIFI amongst other electrical gizmo's in the house. Lucky or maybe an omen as my football team won again as well yesterday!
In terms of the funding it has been pretty consistent if you look at the accounts since 2011 in fact. They actually spend very little in the field (what they do is being accumulated off the balance sheet till the fields are commercial - there is a huge amount of off balance sheet cost that could yet come back as an asset and that is in addition to the cash from the refund and the CLN notes!) and with the revenues declining they have to bridge the deficit through regular placings. This year has been bad because some of the wells seem to have been offline (maybe being prepped for fraccing) and the oil price drop.
The service provider money will also go into the accounts as an "asset" I would think its effectively a pre-paid bill and get drawn down as its spent.
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