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Kipperman: I think Timster was being ironic....
Tsbs: is that a fact; so you've been in touch with Tim?
Tsbs
Thanks
Let's hope that Tim does get some relevant/good info for this bb.
Best
IMHO the $60m and the $150m loans were both about leverage in a deal with the super majors and until SH was off the board the loans could have been vetoed. Without a loan then the super majors may have only offered a small price for Block 12, as FRR would not be able to demonstrate that they could progress. IMHO the $150m loan will be signed off but never drawn.
Prior to the loan, if the production revenue was enough to pay off SH/O and keep FRR afloat (maybe with additional money from SN and Zm), then why risk capital drilling more wells. If something went wrong with the first well it would have a negative impact on both the loan and any deal with the super majors. Furthermore, without any extra production, the reduced capital may have stopped FRR signing the DOS. IMHO this is like a game of chess and FRR don't need to force the play, but just let the game unfold as they know they have the winning strategy.
Thanks Tsbs. Hope you get a reply.
Don't you mean...keep afloat and pay YA ?
With DOS.....we don't need to pay Hopeless until loan notes are due next year ...shirley
Overall we don't know the wording of the DOS, so it might be the case Frr have to pay off a % of the L/Notes by a certain date.
FWIW I take comfort that the bod signing the DOS must be confident in paying 30m (?) within twelve months taking into account no new wells, allegedly, have been drilled. So where is the money coming from?
Freeatlast - If FRR don't pay all their bills they will not be keeping afloat, therefore, there's no need to single out any bill like YA's. I haven't mentioned paying off SH/O before the 12 month deadline.
...and that as well TSBS.
I would imagine that frr will have to be hitting certain targets for debt clearance.I would imagine some form of payment plan would have to be agreed.the liquidator can apply to the court at any time .Because the court hasnt been petitioned yet is no guarantee that after legal tooing and froing that it will not happen imo.