Ann: Appendix 4D and Half Year Accounts , page-13

Yes fakeshark, UXA are gambling on finding a resource before the money runs out, if they can't borrow anymore and the bank pulling the rug.

UXA's drilling business is presently valued at $7.5m plus PFN tool. The USA side looks best and must be favourite for an offer if UXA have to sell -- the value may surprise as much as the Aussie side would depress.

Debts are difficult to be sure of in the half yearly report and $525k loan is outstanding to La Jolla Cove at 4.2% interest. The senior debt looks to be $2.7 million and their is a question mark on UXA's problems here.