(11-12-2013, 08:30 AM)Gator Wrote:
(11-12-2013, 08:01 AM)Palm Wrote: As good are 1. The announced drilling plans; Raptor, Wahoo, new Bobcat (between EA and Tri) and other prospects to meet license requirements. 2. With the pull-back on cash expenditures their unrestricted cash is of course down, but nowhere near what fear-mongers were projecting. Hession has come in and taken hold of the reins.Cash is down and they used almost all of the August secured loan available for drilling ($34.6 of $37.5 Million), but the entire $80 million non-recourse and $87.7 of the working capital loan is available. They will not run out of cash before the monetization of E/A announcment by year end.
To that end, there is no timing commitment for the planned wells other than the well with PRE, now announced for the first quarter. The sooner a selldown agreement occurs the sooner the drilling starts. That said, until selldown we can't expect much activity on the ground as there isn't much cash available and the new financing doesn't kick in until the PSA occurs.