what happened?, page-31

Tejveer wrote
"Can you please elaborate or link us where exactly you are receiving this information from?"

I already posted a link from Exoil with the info on the Songa Venus contract but here's another link to the latest release (19-11-2009) with that info

http://www.nsxa.com.au/ftp/news/021722192.PDF

Refer pages 48-49, sections 1.9, 1.10, 1.11.

My own take....
Albers owns 72.36% of Exoil, and Hawkestone is a subsidiary of Exoil. The contract with Songa Venus is with Hawkestone, and managed through Australian Drilling Associates(ADA).
Hawkestone has already paid a $900K management fee to ADA.
The rig is booked by ADA until 29-12-2009.
Any shortfall days of that date are charged at the going rate from what I understand.
The going rate is USD400k per day.
Hawkestone get the rig around 11-12-2009 so if they don't use it, there would be 18 shortfall days to pay.
You do the maths, but I get ~$A8mil in penalty payments.
Braveheart and Cornea are the remaining to wells on the program.

The rig is currently drilling Oliver2 so I guess they could hope for delays at that well. Alternatively they could find someone else wanting a rig but that seems unlikely at the short notice.

Therefore, I suspect Albers will do whatever it takes to raise the required funds. In the event of a major RI shortfall, he could place the rest at a further discount (14c or whatever) which would suck for those who paid 18c in the RI
We'll see.

Anyway, I will reserve judgment until I see the amended explanatory memo and Grant Thornton Rpt. Will decide whether or not to support the RI after that.