Morning Presser: GLJ # grows

[Tree]

http://seekingalpha.com/pr/16436617-inte...15-results

[Stavros]

Read it again and weep JFT.

I QUOTE FROM THE PRESSER:

“Following last year’s restructuring and streamlining of the business, we have reduced guidance on our expected 2016 spend to a lower range of $155 million to $170 million, predominantly focused on the Papua LNG project. While we have $252 million in current liquidity at the end of 2015, we are in discussions with our lenders to increase and extend our credit facility. It is proposed to complete the increased and extended facility in the second quarter of 2016"

LIQUIDITY includes the $300 Credit Facility.
Ergo, they have already drawn down $48 million from the CF.
Look in the mirror when you read your post.

They need to increase the CF to $400 Million and extend it beyond end 2016.

Without the increase/extension, they cannot drill A-7.

[will2bgreat]

Read it again and weep JFT. I QUOTE FROM THE PRESSER: “Following last year’s restructuring and streamlining of the business, we have reduced guidance on our expected 2016 spend to a lower range of $155 million to $170 million, predominantly focused on the Papua LNG project. While we have $252 million in current liquidity at the end of 2015, we are in discussions with our lenders to increase and extend our credit facility. It is proposed to complete the increased and extended facility in the second quarter of 2016" LIQUIDITY includes the $300 Credit Facility. Ergo, they have already drawn down $48 million from the CF. Look in the mirror when you read your post. They need to increase the CF to $400 Million and extend it beyond end 2016. Without the increase/extension, they cannot drill A-7.

Yes, from IOCs website, we have drawn $130M of the $300M line of credit.

Also, why are we still using GLJ when their numbers don't count?

[jft310]

Yep page 13 and 14 cover the Credit Suisse draw down of $130 million .
I agree on GLJ but we will get NSAI and GCA estimates in June ish from Oil Search deal

[jft310]

Independent 3 rd party appraisals of Raptor and Bobcat at 5 T's plus or enough for a 3rd train for PNGLNG or Papua . Why not expand PNGLNG now ??? That's exactly what Micah stated . Here's the gas . Is that the major announcement promised by the government ???

[Palm]

Yes, there as no way that the LOC would not have been tapped significantly by YE. And Hession never said that it wouldn't be. I'll have to go back and see what my projection was but I think it was fairly close. With the payoff of the convertible notes and reasonable estimates on what they would burn in the 4th Q there was little chance that the LOC would not be drawn on.