AAOG24 Oct 2018 08:13
They've done well here, could see some SP dancing
David Sefton, Executive Chairman, commented, "I am very pleased that the drilling of TLP-103C continues to proceed well, and in particular that the geological conditions are as expected in the geological model and drilling plan. The team are making excellent progress and it will not be long before the initial results will be known.
"I am also pleased that SMP has agreed in principle to keep its rig on site and work with us on TLP-104. The team has worked tirelessly in order to break in a new crew and iron out the technical issues encountered as a result of the rig being cold stacked.
"It is also positive that we have been able to finalise a financing facility in line with the terms previously disclosed and, in particular, that the Company has been able to secure debt finance without the need to issue warrants and, furthermore, with the flexibility that will likely allow some of this facility to be repaid as conventional debt."