The loan would have been against IOGs asset. $650k US secured...

The loan would have been against IOGs asset.
$650k US secured against US$2m purchase.

That's all they would have given. circa 1/3rd cash against full 100% security (imo)... so that's now tied up with a bank/ debt, yes.

I cannot see how any bank manager is going to lend millions based on the performance of last 3 wells, which with testing are now costing A$1m each...and were into sweet spots with seismic and shallow....as opposed to more expensive Niobrara.

Everyday that gas is flared off 2, the NPV goes out the window.

AKK will not make a cent for shareholders under $60WTI, not a chance imo...and certainly not trucking it out and flaring gas.