Ann: Binding farmout agreement signed for Block 9, page-15

One more point to add to my previous post: MAY has just 8 days before the USD loan repayment falls due (Jan 10th). I think it is doubtful that all conditions precedent will be met in that time and the guarantee funds returned to MAY and I assume, that there will be a desire for MAY to retain whatever bank balance it has at present. So, as I have previously mentioned, I see limited alternatives for repayment within the timeframe. 1) the lender accepts shares in lieu of repayment, or 2) Mr Purcell exercises his guarantee and takes over the loan, at least until the USD 3m odd guarantee is returned. Of course, MAY could negotiate an extension to the loan if the lender is amenable. The lender is getting 15% interest after all. Cheers!