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'We look to the future with confidence given the imminent commencement of operations....'

Berta do you think Art is kidding us on;-)

Agreed Cdnoll.

You heading to the AGM this year? Your feedback in the past has been helpful.

I agree he seems very confident that it is both imminent and that it will be positive. We all certainly hope so.

I've had longer waits with some decisions on other stocks but probably one of my more relaxed 'long waits'.

Brad he now knows you fart in the bath! You've lucked out with reciprocal love there mate!

He is pretty good at keeping us updated if only to say everything is still on target for a bumper Q2 (7 weeks left). Nice to see the dewatering going well as that was a good learning curve on the initial pilots. He's got a good way about him. I can see why Brad loves him to bits but Brad....he now knows you fart in the bath! What chance that love is reciprocated now?

No problem Berta.

Berta, From the June 2018 MD & A:

'ShoreCan estimated a fair value of the Essar Nigeria loan to its previous parent at $6 million (as compared to the loan face value of $62.7 million as presented in Essar Nigeria audited financial statements as at December 31, 2016) as the shareholding agreement with Essar Nigeria provides for the repayment of this loan from anticipated future production. The loan is an interest free shareholder loan. A non-controlling interest (“NCI”), was recognized at the NCI proportionate share of net assets acquired.'

Berta, Somewhere in the back of my mind I had Essar saying it was worth $67m but that Shoreline had put a $6m figure on the value of that loan. Think it goes way back to the very beginning or the 2017 prospectus. I will have a look.

Cracking upward movement and not uncalled for given where we are.

I'm particularly looking forward to the flow tests and looking for the differential, if any, that may be present between the two pods. TG has an inkling the difference could be very significant.

They will have learned plenty re de-watering from the pilots particularly with pump size and makeovers so no doubt that experience will have been put to good use on these pods. Been there done it so to speak.

Great end to the week and sets the bank holiday weekend up nicely. I can see the change in sentiment across the board.

Have a good weekend one and all.

I'm not sure what to expect in terms of news timeline.

We know that the performance bond is close. If successful that should then satisfy NNPC/DPR to formally issue approval for the field development and hopefully the transfer of EEPL's shares.

Next would be the rig and details of the contractors.

The success of the above then provides strength of hand to negotiate the project funding.

I don't see them all coming in one announcement, although he delayed the significant news of the PSC for slightly over a month and has in the past talked about one mammoth announcement. Whether that is still his intention I don't know.

Approvals on their own are a significant positive event here and I am happy to take one step at a time. First is to get the companies operating costs sorted whatever form that takes.

Hi Jay yep all well this end. The point on insider knowledge is difficult to gauge. Art has made it known that the bond is on its way, that NNPC/DPR are dealing with approvals and that an SPA is at an advanced stage. So all that is now public knowledge and provided they haven't been concluded then I don't see Art being prevented from taking part in a placing.

Morning Jiving, thanks for the cracking post yesterday on placing timetables, I found it to be logical and very useful. That's why I come on these boards.

I personally cannot rule out a placing but neither can I rule one in. I guess that indecision is a hangover from past events. However with Arthurs own statement on alternative finance, his own announced timetable for a placing having lapsed and particularly with regards to your post I am struggling to find enough evidence to counter what both you and Jay have flagged up for some time.

The interesting bit for me is that if there is indeed no placing then Art has effectively passed up on the opportunity to pick up shares at a bargain price especially as we are it seems on the very cusp of transformational news.

Thanks again.

Well Tidd can we lure you back in to the fray here. You have in-depth knowledge of this project and that is very useful.

ATB NE

Well its going to be a busy two months with gas flow, RFP result and financing all expected in Q2. The first two have got to be knocking on the door as I type.

Well I had that coming a bit later in the quarter so that is fantastic. Full upstream/downstream environmental permit now in place.

Not really Sundaysun the last placing took everyone by surprise. This fund raise is highly predictable. Placings or fund raising are the norm for explorers/appraisers and even producers its the doubling down rhetoric regarding ramping that is ironic. Bonum actually has some good points if only he/she would concentrate on them.

You know what Jiving I'm a shareholder as well.

Many of us landed here around the same time with the exception of Brady and Oilberta, who have had to endure for longer than us, but they are still with us as shareholders. There is considerable frustration here but alternatively very much to commend the project and indeed the significant, positive steps that have been accomplished here particularly since August 2018. That progress is completely underestimated at present and even with a placing there is compelling reasons to invest on the economics.

Anyone that thinks we reached new heights on twitter ramping or whatever is I think right, but having got here many it seems have been exposed to the possibilities of this project and the sentiment has remained.

As a non ramper, non deramper just a fellow shareholder with my own vision (not somebody else's) ...... great post.

'Well while all the finger pointing and accusations go on.......the project is now funded where many said it wouldn't..'

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And some hoped it wouldn't.

Regardless of anybody's thoughts on this BB the news will be getting digested further afield.

Oldhamboy, I hope people take the time to understand your post. Thanks.

New coupon price for convertible bonds 5% so buy back of existing CB's saves on current 8.5%.

New convertible bonds underwritten, equity raise underwritten both by JPM who will also provide a rolling credit facility (RCF) of $2.5b. JPM will farm out some of the risk to other institutions.

The only thing not underwritten is the initial bond offering at $500m and the successful conclusion of that by Sept brings the RCF into play.

So $800m cash to come almost immediately which will be used to further de-risk the project over the coming months making that $500m initial bond raise, the only thing my quick scan of the information indicates can stop this project being fully funded.

So $1.2bn from Stage 1 and $3.8bn from Stage 2 is dependent upon only $500m being raised by the initial bond offering.

Bummer re equity but we knew it was coming, its done and while there are still risks, on balance I very much do not now see anything stopping this project coming to fruition.

Big jump at the very end in Aus, good to see it finishing with that flourish. Thanks for the update Tank.